I plan on acquiring a maisonette in Atherton. My property lawyer is not on the mortgage company approved panel. Can I still retain my Atherton conveyancing solicitor notwithstanding that they are excluded from the bank panel?
You have numerous choices open to you here
- Proceed with your chosen Atherton property lawyer but your lender will undoubtedly instruct a conveyancer on their approved panel. This will result in additional cost and probable interruption.
- Appoint a new lawyer to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your conveyancer to pull out all the stops to get listed on the lender’s conveyancing panel
About to place an offer on a leasehold flat in Atherton. The estate agents tell me that it is standard for flats in Atherton to have less than 75 years left on the lease. I am getting a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has Seventy One years to go.
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. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/3/2023 the requirements read as follows :
My wife and I own a 4 bedroom Edwardian property in Atherton. Conveyancing solicitor represented me and Santander. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the matching address. Is it worth asking Santander to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Atherton and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who carried out the work.
I'm buying my first flat in Atherton with a loan from The Mortgage Works. The developers refused to reduce the price so I negotiated £7000 of extras instead. The property agent advised me not inform my conveyancer about this side-deal as it would jeopardize my loan with The Mortgage Works. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Atherton before appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may not grant a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Atherton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Atherton to see if the conveyancing costs will increase in light of this.
Having had my offer accepted I require leasehold conveyancing in Atherton. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Atherton - then the leasehold title will always include the short particulars 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 ground floor flat in Atherton, conveyancing having been completed June 2003. How much will my lease extension cost? Similar flats in Atherton with an extended lease are worth £207,000. The average or mid-range amount of ground rent is £60 yearly. The lease finishes on 21st October 2080
With only 57 years unexpired we estimate the price of your lease extension to be between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.