We were just about to sign contracts for a ground floor flat in Disley. We have hit a stumbling block. The loan offer with Godiva Mortgages Ltd expires on 17/12/2024 but the sellers are suggesting a completion date of 19/12/2024. Is it possible to prolong the loan expiry date?
The best person to address this issue is your conveyancer who will determine if he or she is corresponding with the mortgage company, vendor’s representatives, property agents or possibly all parties based on the history of your transaction to date.
I am the registered owner of a freehold premises in Disley but nevertheless pay rent, why is this and what is this?
It is rare for properties in Disley and has limited impact for conveyancing in Disley but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am expecting a OIP from Barclays this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any Disley solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Disley solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
I currently have a mortgage with UBS for my property in Disley. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
Your original mortgage agreement with UBS will provide that you need their approval prior to letting out your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel lawyer.
I had an offer accepted on a house in Disley on 22/8/2024, valuation was booked 3 days after, all came back fine. Solicitor retained, so all that was missing was my mortgage offer. Having made daily calls to Virgin Money and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Virgin Money conveyancing panel. Are Virgin Money entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have recentlybecome aware that Wolstenholmes have been shut down. They conducted my conveyancing in Disley for a purchase of a freehold house 12 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Disley conveyancing specialists.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Disley I like with amenity areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Disley suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I am tempted by the attractive purchase price for a couple of flats in Disley which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Disley is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and mortgage companies, leases with less than eighty 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 property 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 Disley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Disley Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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It would be a good idea to enquire if there is anything that is prohibited in the lease. By way of example it is reasonably common in Disley leases that pets are not allowed in certain buildings in Disley. If you like the apartmentin Disley yet your dog can’t live with you then you have a very difficult choice. The majority of Disley leasehold apartments will be liable to pay a service bill for the upkeep of the building set on behalf of the management company. If you acquire the property you will have to meet this charge, normally in instalments throughout the year. This may be anything from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge to be met annual, normally this is not a exorbitant amount, say approximately £50-£100 but you should to enquire it because occasionally it can be many hundreds of pounds. Who manages the building?