We are a couple about to sign contracts for a leasehold flat in Arlesey. We have hit a snag. The loan offer with National Westminster Bank runs out on 15/4/2019 but the owners are insisting on a completion date of 17/4/2019. Can one extend the loan offer?
The person best placed to deal with your issue is your conveyancer who will determine if he or she is should be discussing with the mortgage broker, owner’s lawyers, selling agents or possibly all three taking into account the history of your conveyancing as of today.
I am about to put a bid on a leasehold flat in Arlesey. The selling agents assure me that it is usual for flats in Arlesey to have less than 75 years left on the lease. I am taking out a mortgage with Virgin. Will the property be mortgageable given that the lease has 70 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/2/2019 the requirements read as follows :
I have been told that property searches are the main cause of stalling in Arlesey conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Arlesey.
I am looking for a flat up to £305k and found one round the corner in Arlesey I like with open areas and railway links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Arlesey suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
What is the average legal costs for conveyancing in Arlesey?
The average fee last year for conveyancing in Arlesey was £1,395 excluding SDLT and Land Registry charges.