We are a couple about to exchange contracts for a leasehold flat in Nafferton. We have hit a snag. Our mortgage offer with Santander runs out on 3/1/2025 but the vendors are insisting on a completion date of 7/1/2025. Is it possible to prolong the mortgage offer?
The person best placed to address this question is your solicitors who will hopefully assess whether he or she is corresponding with the mortgage company, vendor’s lawyers, estate agents or possibly all three based on what has happend in your house move as of today.
Do the Building Society Association intend to launch a online directory to list practices on the Norwich and Peterborough Building Society conveyancing panel for example in Nafferton?
Lexsure has not been advised of any intention on the part of the BSA to develop such a tool.
My fiancee and I are in the throws of viewing flats in Nafferton and I am about to put in an offer. Should I already have a lawyer appointed at this stage? I am planning to take a home loan with Yorkshire BS.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are getting a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
I currently have a mortgage with Lloyds for my property in Nafferton. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
Lloyds must be informed of your intention prior to letting out your property as this is likely to be a breach of Lloyds’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 Lloyds directly. You need not do this via a Lloyds conveyancing panel solicitor.
Planning on purchasing a apartment in Nafferton. 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 Virgin Money 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 Nafferton lawyer is on the Virgin Money conveyancing panel.
Despite weeks of looking the Title Certificate and documents to my property are lost. The lawyers who did the conveyancing in Nafferton 4 years ago are no longer around. What are my next steps?
Assuming you have a registered title the details of your proprietorship will be recorded by HMLR with a Title Number. It is easy to conduct a search at the Land Registry, identify your property and order up to date copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will usually hold a file duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
I am tempted by the attractive purchase price for a two apartments in Nafferton both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Nafferton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and banks, leases with under 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 Nafferton 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I acquired a garden flat in Nafferton, conveyancing having been completed 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Nafferton with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2093
With only 69 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.