About to place a bid on a leasehold apartment in Gatley. The estate agents assure me that it is normal for flats in Gatley to have less than 75 years remaining. I am getting a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has 72 years remaining.

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. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/4/2024 the requirements read as follows :

What will a local search tell me concerning the property we're purchasing in Gatley?

Gatley conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search plays a central part in many a Gatley conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.

Me and my brother have a renovated Edwardian house in Gatley. Conveyancing solicitor represented me and Birmingham Midshires. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?

You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Gatley and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing solicitor who conducted the work.

I am buying a new build apartment in Gatley. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Gatley

The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. 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.

Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Gatley I like with a park and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Gatley suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?

If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.