I am expecting a mortgage offer from Santander. I would like to use a Licensed Conveyancer in Victoria Park. Does the Santander Solicitor panel exclude conveyancers regulated by the CLC?
The Santander approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Can I use your services to locate a Conveyancing solicitor in Victoria Park even where I’m not purchasing or selling a house, for instance if I intend to acquire an office in Victoria Park with a mortgage from Leeds Building Society?
Our search tool is predominantly there to select residential conveyancing solicitors in Victoria Park but we have recorded at the bottom of this page a few Victoria Park commercial conveyancing firms. You should speak with the solicitors directly to see if they are also authorised to represent Leeds Building Society
About to place a bid on a leasehold apartment in Victoria Park. The estate agents advise that it is the norm for flats in Victoria Park to have less than 75 years remaining. I am taking out a loan with Virgin. Is this going to be a problem if the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 24/3/2023 the requirements read as follows :
I am 18 days into a freehold purchase having been directed to conveyancers by the selling agent to carry out the conveyancing in Victoria Park. We are not happy. Could you you assist me in finding new conveyancers?
They would have to be very bad in order to consider changing them. Has the mortgage been issued? In the event that it has you must make them aware of the new solicitor and ensure the loan are re-issued. Your new solicitor ideally should be on the lenders approved list to avoid escalating fees and complications. That should be your first question of the new conveyancers. The search tool should help you find a lender approved lawyer for your home move in Victoria Park
What are the common defects that you come across in leases for Victoria Park properties?
There is nothing unique about leasehold conveyancing in Victoria Park. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Leeds Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I purchased a garden flat in Victoria Park, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Victoria Park with over 90 years remaining are worth £201,000. The ground rent is £45 yearly. The lease expires on 21st October 2088
With just 65 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.