We are a couple about to sign contracts for a ground floor flat in Buckhurst Hill. We encountered a snag. The loan offer with Accord Mortgages Ltd runs out on 26/5/2026 but the sellers are insisting on a completion date of 28/5/2026. Can one extend the mortgage offer?
The person best placed to deal with your question is your solicitors who should assess if they should be discussing with the mortgage broker, seller’s representatives, selling agents or conceivably all three based on what has gone on in your house move to date.
I'm buying a new build house in Buckhurst Hill with a mortgage from Skipton Building Society. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about this side-deal as it could affect my mortgage with Skipton Building Society. Do I keep my lawyer in the dark?.
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.
I have been on the look out for a flat up to £245,000 and identified one round the corner in Buckhurst Hill I like with a park and transport links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Buckhurst Hill for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
We are a couple of weeks into a freehold purchase having been referred to a firm by the selling agent to execute conveyancing in Buckhurst Hill. I am am starting to be frustrated with the quality of service. Could you you assist me in finding new conveyancers?
They would need to be really bad in order to consider diss instructing them. Has the loan offer been issued? If so you will need to advise them of the new lawyer and have the mortgage documents are re-issued. The conveyancer needs to be on the mortgage company panel to avoid supplemental expenses and delays. So that should be your first question of the new solicitors. The find a solicitor tool can assist you in finding a lender approved lawyer for your conveyancing in Buckhurst Hill
I am tempted by the attractive purchase price for a couple of apartments in Buckhurst Hill both have about forty five years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Buckhurst Hill is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Buckhurst Hill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a ground-floor 1960’s flat in Buckhurst Hill. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Absolutely. We can put you in touch with a Buckhurst Hill conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Buckhurst Hill premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired lease term was 69.26 years.
Are the Buckhurst Hill conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the mortgage company?
Buckhurst Hill law firm practices and firms carrying out conveyancing in Buckhurst Hill themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the lender directly.