About to place a bid on a leasehold property in Padstow. The estate agents say that it is standard for flats in Padstow to have less than 75 years remaining. I am taking out a loan with Accord Mortgages. Is this going to be acceptable if the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 7/7/2019 the requirements read as follows :
There is lots of information on this site concerning conveyancing in Padstow but can you isolate your top tip for finding the right conveyancer in Padstow
It would be unwise to be tempted by the cheapest Padstow conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
After months of negotiation I have agreed a price on a house in Padstow. My mortgage broker suggested a conveyancer. I paid an on account payment of £150. A couple of days later, the conveyancer called me sheepishly admitting that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Nationwide have agreed my mortgage in principle, my bid on a property in Padstow has been agreed to, what are the next steps?
The estate agent will want to know who your solicitors are (make sure the lawyers are on the lender’s panel). Call up Nationwide or the financial adviser and finish off any appropriate forms. Nationwide will instruct a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Nationwide will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Padstow.
I used Stirling Law a few years past for my conveyancing in Padstow. I now require my file however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Padstow of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the input of my in-laws I had a survey completed on a property in Padstow before appointing solicitors. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies tend refuse to grant a loan on this type of home.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Padstow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Padstow to see if the conveyancing costs will increase in light of this.
I would like to rent out my leasehold flat in Padstow. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous Padstow conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the property. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain consent from your landlord or other appropriate person prior to subletting. This means that you cannot sublet without first obtaining consent. The consent must not not be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord for their consent.
Leasehold Conveyancing in Padstow - Sample of Questions you should ask Prior to buying
Is anyone aware of any major works anticipated that could increase the maintenance fees? The answer will be important as a) areas could cause problems in the block as the common areas may begin to deteriorate where repairs remain unpaid b) if the leasehold owners have an issue with the running of the building you will wish to have full disclosure Who manages the block?