We were just about to exchange contracts for a leasehold flat in Chellaston. We encountered a problem. The loan offer with Leeds Building Society runs out on 19/8/2025 but the sellers are insisting on a completion date of 21/8/2025. Is it possible to extend the mortgage expiry date?
The person best placed to address this question is your solicitors who is in a position to determine whether they corresponding with the lender, owner’s representatives, selling agents or indeed all parties taking into account the circumstances your transaction to date.
What is the best way to investigate if the solicitor carrying out my conveyancing in Chellaston is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Virgin Money thus spending £187.00 plus VAT in supplemental conveyancing charges.
Please do take advantage of the search tool on this page. Please choose the mortgage company and type ‘Chellaston’ or your preferred area and you will see a number of lawyer offices in Chellaston or near you.
Various internet forums that I have come across warn that are the primary cause of delay in Chellaston house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Chellaston.
I'm purchasing my first flat in Chellaston with the aid of help to buy. The builders would not reduce the price so I negotiated £7000 of extras instead. The property agent told me not inform my solicitor about this side-deal as it could put at risk my mortgage with the bank. Is this normal?.
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 ground for flat up to £235,500 and found one round the corner in Chellaston I like with amenity areas and transport links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Chellaston for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Can you provide any top tips for leasehold conveyancing in Chellaston from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Chellaston can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved. The majority of landlords or managing agents in Chellaston charge for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Chellaston.
I purchased a split level flat in Chellaston, conveyancing formalities finalised in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Chellaston with an extended lease are worth £211,000. The ground rent is £45 levied per year. The lease ends on 21st October 2092
You have 67 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.