I am about to put a bid on a leasehold flat in Lyme Regis. The selling agents advise that it is the norm for flats in Lyme Regis to have less than 75 years remaining. I am expecting a mortgage with Platform. Will the property be mortgageable given that the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 27/11/2023 the requirements read as follows :
My father advised me that in buying a property in Lyme Regis there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Lyme Regis which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Lyme Regis should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a AIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Lyme Regis solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lyme Regis solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
About to purchase flat in Lyme Regis. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lyme Regis conveyancer is on the Clydesdale conveyancing panel.
I require fast conveyancing in Lyme Regis as I have a deadline to exchange contracts within one month. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
As you are not getting a mortgage you have the choice not to have searches carried out although no law firm would recommend that you don't. Drawing on years of experience of conveyancing in Lyme Regis the following are instances of issues that can crop up and therefore impact market value: Refused Planning Applications, Overdue Charges, Outstanding Grants, Road Schemes,...
We're new on the property ladder - agreed a price, but the property agent has warned us that the vendor will only issue a contract if we use their chosen conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Lyme Regis
It is highly unlikely the vendors are behind this. Should the vendor require ‘a quick sale', turning down a motivated purchaser is going to damage their objectives. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Lyme Regis conveyancing firm - rather thanthe ones that will provide the estate agent a referral fee or meet his conveyancing targets demanded by senior management.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Lyme Regis. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Lyme Regis ?
The majority of houses in Lyme Regis are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Lyme Regis so you should seriously consider looking for a Lyme Regis conveyancing practitioner 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 leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
Leasehold Conveyancing in Lyme Regis - Sample of Questions you should ask Prior to Purchasing
Who are the managing agents? The prefered form of lease structure is a share of the freehold. In this scenario the leaseholders have being in charge if their destiny and even though a managing agent is often retained where the building is larger than a house conversion, the managing agent is directed by the tenants. Plenty Lyme Regis leasehold apartments will have a service charge for the upkeep of the building invoiced on behalf of the landlord. Where you purchase the apartment you will have to pay this contribution, usually periodically during the year. This can differ from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a rentcharge to be met yearly, normally this is not a significant figure, say around £25-£75 but you should to enquire it because sometimes it can be many hundreds of pounds.