We are about to sign contracts for a leasehold flat in Builth Wells. We encountered a stumbling block. The loan offer with Britannia runs out on 13/6/2019 but the sellers are insisting on a completion date of 17/6/2019. Can one prolong the loan expiry date?
The best person to deal with your concern is your solicitors who will hopefully determine whether they should be discussing with the mortgage company, vendor’s conveyancers, property agents or indeed all parties based on the circumstances your transaction as of today.
My Solicitor in Builth Wells is not on the Godiva Mortgages Ltd Conveyancing Panel. Can I still continue with my family solicitor even though they are excluded from the Godiva Mortgages Ltd list of approved lawyers?
The limited options open to you here include:
- Carry on with your existing Builth Wells solicitors but Godiva Mortgages Ltd will need to instruct a conveyancer on their list of acceptable firms. This will result in additional total conveyancing fees as well as cause delays.
- Choose a new practitioner to to deal with the purchase, obviously checking they are on the Godiva Mortgages Ltd panel
I have recentlybecome aware that Stirling Law have been shut down. They carried out my conveyancing in Builth Wells for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The quickest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Builth Wells conveyancing specialists.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Builth Wells I like with a park and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Builth Wells for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I am a negotiator for a busy estate agency in Builth Wells where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Builth Wells conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that 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. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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.
I inherited a split level flat in Builth Wells, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Equivalent flats in Builth Wells with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2085
With 66 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.