I am about to put an offer on a leasehold property in Waterloo. The property agents assure me that it is usual for flats in Waterloo to have less than 75 years remaining. I am getting a mortgage with Platform. Will the property be mortgageable given that 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. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/4/2019 the requirements read as follows :
What does a local search tell me about the house we're buying in Waterloo?
Waterloo conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for instance Searchflow The local search is essential in every Waterloo conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications applicable 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 13 subject headings.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Waterloo is where the house is located. Is there any advice you can impart?
Flying freeholds in Waterloo are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Waterloo you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waterloo may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How do I use the search facility to select a conveyancing practitioner in Waterloo on the approved list for my mortgage?
First choose a mortgage company such as Santander, Bank of Scotland or Nottingham Building Society then choose your preferred area for example Waterloo. Conveyancing firms in Waterloo and further afield will then be shown.
My partner and I are in the market for an affordable conveyancing lawyer in Waterloo to assist me in selling my apartment. I want to avoid being ripped off but with many Waterloo conveyancing solicitors to pick from...how do I know which one is best to appoint?
Where you’ve never used a lawyer previously, a trustworthy recommendation via relatives or friends is a great place to start and is often a good gauge of quality. Alternatively, take a look at the client testimonials published on your solicitor’s website or make the most of our search tool to locate a conveyancing solicitor in Waterloo.