I am about to put an offer on a leasehold property in Cumbria. The estate agents tell me that it is normal for flats in Cumbria to have less than 75 years remaining. I am taking out a mortgage with Accord Mortgages. Is this going to be acceptable if the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/11/2019 the requirements read as follows :
I appreciate that there are debates on Chancel Insurance on online forums. Do I require this when buying a house in Cumbria? or I am told that there is a law dating back centuries that means some house owners living in a parish church boundary may be liable to pay for repairs to the chancel in proximity to the church. Is this applicable for conveyancing in Cumbria?
Unless a prior acquisition of the premises completed after 12 October 2013 you may expect conveyancing practitioners conducting conveyancing in Cumbria to continue to suggest a chancel search and or insurance against a claim.
I have recentlydiscovered that Arc property Solicitors have closed. They conducted my conveyancing in Cumbria for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The easiest way to check if the premises is in your name, 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 Cumbria conveyancing specialists.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Cumbria is where the house is located. Can you offer any assistance?
Flying freeholds in Cumbria are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cumbria you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cumbria may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What makes a Cumbria lease unmortgageable?
There is nothing unique about leasehold conveyancing in Cumbria. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Cumbria - Examples of Questions you should ask Prior to Purchasing
What is the the remaining lease term? In the main the cost for major works are not built into the service charges, albeit that some managing agents in Cumbria require tenants to contribute towards a sinking fund created for the specific intention of establishing a fund for major repairs or maintenance. The prefered form of lease structure is a share of the freehold. In this situation the tenants benefit from control and although a managing agent is usually employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.