About to place an offer on a leasehold property in Baldock. The selling agents assure me that it is the norm for flats in Baldock to have less than 75 years unexpired on the lease. I am expecting a mortgage with Chelsea Building Society. Will the property be mortgageable given that the lease has 70 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting 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 12/5/2021 the requirements read as follows :
We are downsizing from our house in Baldock and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Baldock conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a web based conveyancing firm as opposed to a conveyancing solicitor in Baldock. We have lived in Baldock for many years we know of no issue. Is it a good idea to get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
It has been four months since my purchase conveyancing in Baldock took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Should I be wary about brokers that I am dealing with are recommending a national conveyancing firm as opposed to a High Street Baldock conveyancing firm?
As is the case with many service providers, often suggestions from relatives can be very helpful. But there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may recommend solicitors to retain. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You are free to appoint your preferred conveyancer. You need to be aware that most mortgage providers have an approved list of conveyancers you have to use for the lender related work in your house move.
We are 18 days into a leasehold purchase having been recommend to a firm by the local agent to perform conveyancing in Baldock. We are not happy. Could you help me find new lawyers?
A lawyer would need to be really poor to suggest diss instructing them. Has your mortgage offer been issued? If so you will need to advise them of the replacement lawyer and get the loan are re-issued. Your conveyancer needs to be on the mortgage company approved list to avoid added costs and delays. That should be your starting point. The search tool will assist you in finding a lender approved lawyer for your home move in Baldock
Last November I purchased a leasehold flat in Baldock. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Baldock - A selection of Questions you should ask Prior to Purchasing
Who manages the block? It would be sensible to enquire if there is anything that is prohibited in the lease. For example it is reasonably common in Baldock leases that pets are not permitted in certain buildings in Baldock. If you love the apartmentin Baldock however your dog is not allowed to move with you then you will be faced hard decision.