I'm in the process of porting my domestic mortgage to a Buy to Let TSB mortgage. The bank has said that I require a solicitor as part of the process. I had a chat the same March conveyancing firm who who did the conveyancing when I originally bought the premises. The fee estimate e-mailed to me of just over five hundred pounds has shocked me as its a remortgage than a sale or purchase.
The costs illustration is fractionally on the steep side. If you you were to look around you may be able to reduce the fees slightly by as much as a hundred pounds. That being said, assuming were pleased with the conveyancing the firm provided you mightlive to regret choosing an an unknown solicitor. If is important to enquire the firm can also act for TSB. Do use our search tool to choose a March conveyancing firm on the TSB conveyancing panel, which can often include conveyancing solicitors in March.
We were just about to exchange contracts for a ground floor flat in March. We have hit a snag. Our mortgage offer with Barclays runs out on 23/3/2023 but the vendors are suggesting a completion date of 27/3/2023. Can one extend the loan offer?
The person best placed to address this question is your conveyancer who will hopefully assess whether he or she is should be discussing with the mortgage broker, owner’s solicitors, property agents or possibly all three given the history of your house move as of today.
Due to the guidance of my in-laws I had a survey completed on a property in March before instructing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders will not grant a loan on such a premises.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in March. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in March to see if the conveyancing costs will increase in light of this.
My father-in-law has recommend that I instruct his conveyancers in March. Should I find my own property lawyer?
No doubt it’s preferable to find a conveyancing practitioner is to get referrals from friends or family who have used the conveyancer that you are are thinking of instructing.
I am looking at a two apartments in March both have approximately fifty years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in March is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with March conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in March - Examples of Questions you should ask before buying
What is the yearly service fee and ground rent? Best to be warned if window replacement or some other significant cost is coming up that will be shared between the leasehold owners and could well materially impact the level of the maintenance fees or result in a specific payment.