We are about to exchange contracts for a leasehold flat in Audley. We have hit a problem. The mortgage offer with TSB runs out on 11/3/2026 but the vendors are suggesting a completion date of 13/3/2026. Is it possible to extend the loan expiry date?
The best person to deal with your issue is your conveyancer who is in a position to calculate whether they corresponding with the mortgage company, vendor’s conveyancers, selling agents or indeed all three based on what has happend in your conveyancing as of today.
It has been 4 months since my purchase conveyancing in Audley completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey done on a property in Audley prior to retaining lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some banks will refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Audley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Audley to see if the conveyancing costs will increase in light of this.
I am employed by a reputable estate agency in Audley where we have experienced a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Audley conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Audley - A selection of Questions you should consider before Purchasing
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Is anyone aware of any major works anticipated that will increase the maintenance charges? How is the lease structured?
Do I have to pop into the offices of the lender conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Audley so that I can attend their offices if required.
Most conveyancing panel lawyers for the mortgage company undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Audley. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.