We are a couple about to exchange contracts for a garden flat in Frinton and Walton. We encountered a stumbling block. The loan offer with The Mortgage Works runs out on 11/2/2019 but the sellers are insisting on a completion date of 13/2/2019. Can one extend the mortgage expiry date?
The person best placed to deal with your concern is your conveyancer who should assess if he or she is better off negotiating with the mortgage company, vendor’s conveyancers, estate agents or conceivably all three taking into account what has gone on in your conveyancing as of today.
I have 71 years unexpired on my lease and require a lease extension for my flat in Frinton and Walton. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
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 9/12/2018 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.
About to purchase a new build flat in Frinton and Walton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Frinton and Walton
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Due to the advice of my in-laws I had a survey completed on a property in Frinton and Walton prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some banks tend not grant a loan on a flying freehold home.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Frinton and Walton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Frinton and Walton to see if the conveyancing will be more expensive.
I am four weeks into a freehold purchase having been directed to conveyancers by the selling agent to execute conveyancing in Frinton and Walton. I am am extremely dissatisfied with the quality of service. Could you you assist me in finding new conveyancers?
A lawyer would have to be really bad in order to consider diss instructing them. Has the mortgage offer been issued? If so you must inform them of the new lawyer and get the loan are issued to the new lawyers. The solicitor ideally needs to be on the mortgage company approved list to avoid added charges and frustration. So that should be your first question of the new solicitors. The search tool will assist you in finding a bank approved solicitor for your home move in Frinton and Walton