I am about to put a bid on a leasehold property in Barnehurst. The estate agents advise that it is the norm for flats in Barnehurst to have less than 75 years remaining. I am getting a mortgage with Virgin. Is this going to be acceptable if the lease has 69 years remaining.
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. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/9/2022 the requirements read as follows :
It has been three months following my purchase conveyancing in Barnehurst concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 property 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.
I'm buying my first flat in Barnehurst with a loan from Aldermore. The builders refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my lawyer about the extras as it could adversely affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Given that I will soon spend £400,000 on a house in Barnehurst I wish to have a conversation with the conveyancer regarding thehouse move ahead of appointing the firm. Is this something that you can arrange?
This is something that we recommend - we would be happy to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your conveyancing in Barnehurst.There is no ‘factory style conveyancing’ - each client is unique individual, not a case reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Barnehurst should be the figure that you end up paying.
Expecting to complete next month on a studio apartment in Barnehurst. Conveyancing lawyers have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Barnehurst should include some of the following:
Whether the lease restricts you from subletting the flat, or having a home office for business Rent payments - how much and when you need to pay, and also know whether this will change in the future The total ownership of the demise. This will be the property itself but might include a roof space or storage are if appropriate. The length of the lease term. You should receive guidance as what happens when the lease ends, and aware of the importance of the 80 year mark What the implications are if you have breached the provisions of the lease?
Notwithstanding our best efforts, we have been unsuccessful in seeking a lease extension in Barnehurst. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Barnehurst conveyancing firm who can help.
An example of a Lease Extension decision for a Barnehurst residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired residue of the current lease was 76 years.
We own a leasehold flat in Barnehurst. Conveyancing was finished in last year. I have heard that I should not allow the the remaining lease term to fall too short. What is the reasoning?
Barnehurst domestic long term leases are for a prescribed period - usually ninety nine years when they commenced. However a significant flats in Barnehurst were constructed or converted in the 60’s and so these leases now have under 80 years unexpired. This may sound like plenty of time however Banks, Building Societies and other mortgage companies on the whole need leases to have a minimum of 75 years unexpired to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To enhance the saleability of your property you should be considering whether or not to extend your lease well in advance of selling the property. Furthermore significant benefits to taking action before the lease hits eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to escalate.