About to place a bid on a leasehold flat in Morganstown. The selling agents assure me that it is usual for flats in Morganstown to have less than 75 years unexpired on the lease. I am expecting a loan with Virgin. Is this going to be a problem if the lease has Seventy One years unexpired.
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. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/3/2023 the requirements read as follows :
I have been told that property searches are the primary cause of delay in Morganstown conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Morganstown.
three months have elapsed since my purchase conveyancing in Morganstown took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey completed on a property in Morganstown ahead of appointing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies may refuse to grant a mortgage on such a premises.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Morganstown. Conveyancing may be slightly more expensive based on your lender's requirements.
Are all Morganstown solicitors on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can drop into your high street bank branch in Morganstown. the probability is that they will be in a position to recommend some approved conveyancing solicitors in Morganstown