We are a couple about to exchange contracts for a ground floor flat in Swavesey. We have hit a snag. Our mortgage offer with Alliance & Leicester expires on 22/4/2021 but the vendors are suggesting a completion date of 26/4/2021. Is it possible to prolong the mortgage offer?
The best person to address this issue is your conveyancer who will hopefully determine if he or she is should be discussing with the mortgage company, vendor’s representatives, estate agents or conceivably all three based on the circumstances your house move as of today.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Swavesey. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 22/2/2021, the requirements read as follows :
I have recentlybeen informed that Action Conveyancing have closed. They conducted my conveyancing in Swavesey for a purchase of a leasehold apartment 12 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The easiest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Swavesey conveyancing specialists.
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Swavesey I like with amenity areas and railway links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Swavesey in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I am a negotiator for a reputable estate agent office in Swavesey where we have witnessed a number of flat sales derailed due to short leases. I have been given conflicting advice from local Swavesey conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Swavesey - Examples of Questions you should consider Prior to Purchasing
Who is in charge of the block? Plenty Swavesey leasehold apartments will have a service bill for the upkeep of the block levied by the landlord. Where you acquire the flat you will have to meet this charge, normally periodically during the year. This may vary from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay annual, this is usually not a exorbitant amount, say around £50-£100 but you should to check as on occasion it can be many hundreds of pounds. Are there any major works on the horizon that will increase the service fees?