I have 70 years left on my lease and require a lease extension for my flat in Spilsby. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions right?
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. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/2/2019 the requirements read as follows :
How does conveyancing in Spilsby differ for newly converted properties?
Most buyers of new build or newly converted property in Spilsby come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Spilsby usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Spilsby or who has acted in the same development.
What does commercial conveyancing in Spilsby cover?
Spilsby conveyancing for business premises incorporates a wide array of advice, supplied by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am on look out for some leasehold conveyancing in Spilsby. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Spilsby - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a split level flat in Spilsby, conveyancing formalities finalised June 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Spilsby with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2074
With 55 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
Should I stop my mortgage payments with Virgin Money as soon as a completion date for my home sale in Spilsby has been agreed?
You are best advised to keep paying any mortgage payments to Virgin Money pending the mortgage being discharged on completion as part of your Spilsby conveyancing.