About to place an offer on a leasehold flat in Emerson Park. The property agents say that it is standard for flats in Emerson Park to have less than 75 years left on the lease. I am obtaining a loan with The Mortgage Works. Will the property be mortgageable given that the lease has 70 years unexpired.
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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/12/2018 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
How does conveyancing in Emerson Park differ for newly converted properties?
Most buyers of new build or newly converted property in Emerson Park contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Emerson Park tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Emerson Park or who has acted in the same development.
Am I right to be concerned by estate agents that I am dealing with are recommending a factory type conveyancing firm rather than a local Emerson Park conveyancing company?
As with lots of service providers, often recommendations from relatives can be extremely useful or valuable. Yet there are numerous parties with a keen interest in a conveyancing deal; estate agents, financial adviser and banks may recommend conveyancers to use. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the endorsement. You are free to select your own conveyancer. You need to be aware that the majority of banks specify a panel list of law firms you have to use for the mortgage related work in your conveyancing.
As co-executor for the estate of my grandmother I am selling a residence in Monmouth but I am based in Emerson Park. My solicitor (approximately 300 miles awayhas requested that I execute a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Emerson Park to witness this legal document for me?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are based in Emerson Park
Planning to complete next month on a ground floor flat in Emerson Park. Conveyancing lawyers inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Emerson Park should include some of the following:
specifics of the parties to the lease, e.g. these could be the lessee, head lessor, landlord Repair and maintenance of the property Where does the liability rest to repair and maintain the building. It is essential for you to know which party is responsible the repair and maintenance of every part of the building You should have a good understanding of the insurance provisions What you can do if another tenant in the building is in violation of a provision in their lease?
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Emerson Park. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a Emerson Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Emerson Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.