I am about to put a bid on a leasehold property in Cumberland. The property agents tell me that it is usual for flats in Cumberland to have less than 75 years unexpired on the lease. I am taking out a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/4/2024 the requirements read as follows :
I am buying a house and the conveyancer has referenced Chancel Repair for which the house could be liable because it falls into the area of such a church. She has recommended insurance. Is this really necessary for conveyancing in Cumberland
Unless a previous purchase of the premises completed post 12 October 2013 you could assume that lawyers conducting conveyancing in Cumberland to remain encouraging a chancel search and or chancel repair liability insurance.
I own a terraced Edwardian house in Cumberland. Conveyancing practitioner represented me and Britannia. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the matching address. Is it worth asking Britannia to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cumberland and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the purchase.
I am looking for a ground for flat up to £235,500 and identified one near me in Cumberland I like with open areas and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Cumberland suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years may be an issue. 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 at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
My wife and I purchased a leasehold flat in Cumberland. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Cumberland who acted for me is not around. What should I do?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Cumberland conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Cumberland Leasehold Conveyancing - A selection of Questions you should ask before buying
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Most Cumberland leasehold apartments will incur a service bill for the upkeep of the block set by the management company. Should you acquire the apartment you will have to pay this charge, normally periodically throughout the year. This could differ from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge to be met yearly, this is usually not a large figure, say approximately £25-£75 but you should to check as sometimes it can be surprisingly expensive. How long is the Lease? It is important to be aware whether fixing the lift or some other major work is due in the foreseeable future to be shared between the leasehold owners and may well dramatically increase the the service charges or require a one time invoice.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Cumberland. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Cumberland ?
Most houses in Cumberland are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Cumberland so you should seriously consider shopping around for a Cumberland conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.