About to place an offer on a leasehold apartment in Denbighshire. The estate agents assure me that it is standard for flats in Denbighshire to have less than 75 years left on the lease. I am expecting a loan with Virgin. Is this going to be acceptable if the lease has 69 years unexpired.
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 20/6/2018 the requirements read as follows :
I need some expedited conveyancing in Denbighshire as I have an ultimatum to sign on the dotted line within 2 weeks. A home loan is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are are a cash purchaser you have the choice not to do searches although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Denbighshire the following are examples of what can show up and adversely impact market value: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
I'm converting the mortgage on my primary home to a BTL loan with Virgin Money and I will use the rest of the raised equity as a down payment on another house. The area we are looking at is Denbighshire. Will your solicitors be able to act for both sets of lenders and link together the transactions?
Make use of our comparison tool on this site to check that the solicitors are approved by both lenders. Having checked that they are your conveyancer will be able to simultaneously deal with the two deals but you should talk with you lawyer and specify your desired outcome and needs.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Denbighshire. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Denbighshire are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Denbighshire in which case you should be shopping around for a Denbighshire conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
Leasehold Conveyancing in Denbighshire - A selection of Questions you should consider before Purchasing
Where a Denbighshire lease has no more than eighty years it will have adverse implications on the marketability of the apartment. It is worth checking with your bank that they are content with residual term of the lease. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of what this would cost. For most Denbighshirelease extensions you would be be obliged to have owned the residence for two years in order to be entitled to extend the lease. It would be sensible to find out as much as you can concerning the managing agents as they will either make life much simpler or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical matters like the tidiness of the common parts. Don't be shy to ask other tenants what they think of their service. Finally, investigate as to the dates that the maintenance fees are due to the managing agents and specifically what you get for your money. How much is the maintenance charge and ground rent on the apartment?
Is it the case that all Denbighshire conveyancers on every bank conveyancing panel?
You can use our search tool or you can drop into your high street lender branch in Denbighshire. the probability is that they can recommend conveyancing solicitors in Denbighshire