I have 71 years remaining on my lease and need a lease extension for my flat in Barrowden. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
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 17/4/2019 the requirements read as follows :
Just had an offer accepted on a new build flat in Barrowden. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Barrowden
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants.
I opted to have a survey carried out on a property in Barrowden before retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend not give a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different requirements from Halifax. Should you wish to 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 Barrowden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Barrowden to see if the conveyancing costs will increase in light of this.
I'm refinancing my existing house to a BTL mortgage with Norwich and Peterborough Building Society and intend to use the remaining equity as a down payment on further property. The neighborhood we are interested in is Barrowden. Will your solicitors be able to act for both sets of banks and link together the transactions?
Do use our comparison tool on this page to check that the lawyers are on the appropriate lender panels. Having checked that they are your conveyancer should be able to tie up the two conveyancing matters but you should talk with you solicitor and specify your expectations and needs.
I am looking at a couple of flats in Barrowden which have about forty five years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field.
Leasehold Conveyancing in Barrowden - Sample of Queries before Purchasing
Are any of leasehold owners in arrears of their service charge payments? Who manages the block?