I have 7378 less than 75 years left on my lease and require a lease extension for my apartment in Salcombe. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
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. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 8/12/2018 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
There is lots of here concerning conveyancing in Salcombe but can you isolate your top tip for finding the right conveyancer in Salcombe
We would encourage you not to go for the lowest Salcombe conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. 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 go into the conveyancing with your eyes wide open.
We are aiming to move house in February. Should my conveyancing solicitor call the removal company on the completion day. As an aside, can you recommend a removal company in Salcombe. Conveyancing firm was chosen prior to coming across this page.
On the afternoon of completion you will need to collect the keys from your estate agent but this should only happen after the sellers solicitors advise the agent that they have the completion monies and the keys can be passed over. You can inform the removal company that you are ready to move in. As a matter of policy we do not recommend a specific removal company but can assist you in choosing a residential property solicitor in Salcombe or a firm with expertise in conveyancing in Salcombe.
When it comes to lenders such as Kent Reliance, do Salcombe property lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
five months have gone by following my purchase conveyancing in Salcombe concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 asset 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.
Just had an offer accepted on a new build flat in Salcombe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Salcombe
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I opted to have a survey done on a property in Salcombe ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks may not issue a loan on such a premises.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Salcombe. Conveyancing may be slightly more expensive based on your lender's requirements.