I am buying a property in Hartlepool. An unusual aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Kent Reliance your lawyer must check the conveyancing requirements contained in Part 2 of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Kent Reliance where a lease does not meet these provisions. The conditions relate to the installation of panels on properties countrywide and is not limited to Hartlepool.
I currently have a mortgage with Nottingham for my property in Hartlepool. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
You must advise Nottingham prior to letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel lawyer.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Hartlepool bank branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Hartlepool conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their specific requirements. I have no idea who is right.
Provided that the conveyancer is on the lender panel, they must follow the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
We are selling our home in Hartlepool and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A high street Hartlepool conveyancer would know this is not the case. It does beg the question why the buyers used an online conveyancing outfit rather than a conveyancing solicitor in Hartlepool. Having lived in Hartlepool for three years we know that this is a non issue. Do we contact our local Authority to seek clarification need.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Hartlepool differ for newly converted properties?
Most buyers of new build premises in Hartlepool approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Hartlepool tend to acquire the real estate, 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 conveyancing solicitors 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 Hartlepool or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 impact my commercial premises in Hartlepool and how can your lawyers assist?
The 1954 Act affords a safeguard to business lessees, granting the legal entitlement to apply to court for a renewal tenancy and continue in occupation at the end of an expired lease. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Hartlepool is one of our many areas of the UK in which our lawyers are located
I am tempted by the attractive purchase price for a two flats in Hartlepool which have about forty five years remaining on the leases. should I be concerned?
A lease is a right to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in Hartlepool - Examples of Questions you should consider before buying
Where a Hartlepool lease has fewer than 80 years it will impact the value of the apartment. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. For most Hartlepoollease extensions you will need to own the residence for two years in order to be eligible to extend the lease. How is the lease structured? Are any of leasehold owners in dispute over their service charge liability?