We are about to exchange contracts for a garden flat in Northumberland. We encountered a problem. The loan offer with Barclays runs out on 8/10/2018 but the owners are insisting on a completion date of 10/10/2018. Can one extend the mortgage expiry date?
The person best placed to deal with your concern is your conveyancer who should determine whether they corresponding with the mortgage broker, seller’s representatives, estate agents or possibly all parties taking into account the circumstances your conveyancing as of today.
What will a local search tell me regarding the house my wife and I buying in Northumberland?
Northumberland conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for example Onsearch The local search is essential in every Northumberland conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
Due to the encouragement of my in-laws I had a survey completed on a property in Northumberland prior to retaining lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks may not issue a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to telephone us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Northumberland. Conveyancing will be smoother if you use a solicitor in Northumberland especially if they are acquainted with such properties in Northumberland.
I am attracted to a couple of flats in Northumberland both have in the region of forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Northumberland is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. 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 premises 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 Northumberland 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.
Northumberland Leasehold Conveyancing - A selection of Queries before Purchasing
Is the freehold owned collectively by the tenants? This information is helpful as a) areas may result in problems in the building as the common areas may start to deteriorate if services are not paid for b) if the tenants have an issue with the running of the building you will wish to have all the details It is important to be aware if window replacement or some other major work is due in the foreseeable future that will be shared amongst the leasehold owners and will dramatically impact the level of the service fees or necessitate a one time payment.
What is the reason for new build conveyancing in Northumberland being more expensive?
Conveyancing in Northumberland for recently converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further queries and contractual concerns.