I am about to put a bid on a leasehold apartment in Shelfield. The property agents say that it is the norm for flats in Shelfield to have less than 75 years unexpired on the lease. I am obtaining a loan with Accord Mortgages. Will the property be mortgageable given that 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 10/5/2021 the requirements read as follows :
What does a local search tell me concerning the house my wife and I purchasing in Shelfield?
Shelfield conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company for instance PSG The local search plays a central part in many a Shelfield conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications relevant 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 headings.
I'm buying my first flat in Shelfield with the aid of help to buy. The sellers refused to budge the price so I negotiated 6k of extras instead. The house builders rep told me not inform my conveyancer about the deal as it will affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My wife and I purchased a leasehold flat in Shelfield. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Shelfield who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Shelfield conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Shelfield Leasehold Conveyancing - Examples of Questions you should ask before buying
How is the lease structured? Make sure you discover if there are any onerous prohibitions in the lease. For instance it is reasonably common in Shelfield leases that pets are not permitted in in a block in Shelfield. If you like the apartmentin Shelfield however your dog is not allowed to live with you then you have a very hard determination. Who is in charge of the building?
I have read on various online forums that before selecting a conveyancing solicitors they need approved by your bank. I am new to the process but I have an offer in principle via HSBC and I already have a family conveyancing solicitor in Shelfield on standby. Does HSBC require an approved conveyancer to be instructed? Does a directory of approved conveyancers even exist so I can choose a conveyancing solicitor in Shelfield?
You should use a solicitor that is on the HSBC panel. The first thing to do is call your chosen Shelfield conveyancing solicitor to check if they are on the HSBC panel. If they are not on the panel you have numerous options open to you here:
- Carry on with your preferred Shelfield conveyancing practitioner but HSBC will undoubtedly retain a conveyancing practitioner from their conveyancing panel. This will result in additional charges together with likely interruption.
- Get a fresh solicitor to conduct the conveyancing, making sure they are on the HSBC conveyancing panel.
- Convince your property lawyer to seek to join the lender panel.