We are a couple about to sign contracts for a property in Brighouse. We encountered a stumbling block. The loan offer with National Westminster Bank runs out on 10/7/2025 but the sellers are putting forward a completion date of 14/7/2025. Can one prolong the loan expiry date?
The person best placed to address this question is your solicitors who will hopefully assess whether they better off negotiating with the lender, seller’s representatives, property agents or possibly all three taking into account the history of your conveyancing as of today.
Can you explain why leasehold purchase conveyancing in Brighouse is more expensive?
Brighouse leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I had intended to instruct a conveyancing solicitor in Brighouse for our house purchase. Our financial adviser has since notified us that our mortgage company Skipton Building Society won't deal with them. Surely this is unfair competition?
A decade ago most lenders had a different appetite for risk. Almost all Brighouse conveyancing firms would have been on most bank panels. The FSA in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms regarding their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Brighouse conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Brighouse is one of the thousands of areas where the conveyancers showing on our search results are are authorised to act for Skipton Building Society.
I am looking for a flat up to £305k and found one round the corner in Brighouse I like with open areas and railway links nearby, however it only has 61 years on the lease. I can't really find anything else in Brighouse suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan that many years will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
When it comes to leasehold conveyancing in Brighouse what are the most frequent lease defects?
Leasehold conveyancing in Brighouse is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Royal Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
Brighouse Leasehold Conveyancing - A selection of Questions you should ask before buying
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Who manages the block? You should be aware that where the lease has no more than eighty years it will impact the value of the flat. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the property for a couple of years in order to be entitled to exercise a lease extension. Are any of leasehold owners in dispute over their service charge liability?
I have just appointed agents to market my basement apartment in Brighouse.Conveyancing solicitors are to be appointed soon however I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the maintenance contribution as you normally would because all rents and service charges should be apportionedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process