I am about to put a bid on a leasehold apartment in Old Colwyn. The estate agents advise that it is usual for flats in Old Colwyn to have less than 75 years left on the lease. I am obtaining a loan with Platform. Will the property be mortgageable given that the lease has 70 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting 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 26/4/2024 the requirements read as follows :
Is it necessary to take out insurance to address the risk of chancel repairs when purchasing a residence in Old Colwyn?
Unless a prior purchase of the property completed post 12 October 2013 you can assume that conveyancing practitioners carrying out conveyancing in Old Colwyn to remain encouraging a chancel search and or insurance against a claim.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Old Colwyn is where the house is located. Can you shed any light on this issue?
Flying freeholds in Old Colwyn are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Old Colwyn you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Colwyn may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking into buying my first house which is in Old Colwyn and I am already nervous. I couldn't find anything specific about Old Colwyn. Conveyancing will be needed in due course but do you know about the Old Colwyn area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Old Colwyn. In the meantime here are some basic statistics that we found
What can I do to establish who owns a house in Old Colwyn?
As long as the property is recorded at HMLR, and you have sufficient specifics of the address of the property, you will be able to see details from the HMLR of the recorded owner for a for less than a fiver.