We note that you have a post code search directory identifying solicitors on the TSB conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Cheltenham?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Cheltenham.
I am buying a 3 bedroom semi in Cheltenham. The intention is to carry out a loft conversion at the house.Will the conveyancing process include investigations to determine if these alterations are permitted?
Your solicitor will check the registered title as conveyancing in Cheltenham can sometimes reveal restrictions in the title deeds which prohibit categories of changes or necessitated the consent of another owner. Many extensions need local authority planning permissions and approval under the building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these issues with a surveyor ahead of any purchase.
Completion of my purchase has taken place for my property in Cheltenham. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Cheltenham building society branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Cheltenham conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the lawyer is on the mortgage company panel, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are the primary cause of obstruction in Cheltenham conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Cheltenham.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Cheltenham I like with open areas and transport links nearby, however it only has 61 years unexpired on the lease. There is not much else in Cheltenham suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I work for a reputable estate agent office in Cheltenham where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Cheltenham conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 acquired a studio flat in Cheltenham, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Cheltenham with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2088
With 70 years left to run the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.