I have 71 years remaining on my lease and need a lease extension for my apartment in Downton. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/10/2021 the requirements read as follows :
A friend advised me that in purchasing a property in Downton there could be a number of restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of anumerous of properties in Downton which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Downton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Completion of my purchase has taken place for my property in Downton. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Downton bank branch on numerous occasions and was told they are content with the situation and they would lend. My Downton conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the property lawyer is on the bank approved list, they must adhere to the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Are there restrictive covenants that are commonly identified during conveyancing in Downton?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Downton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing a new build house in Downton benefiting from help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not to tell my lawyer about this extras as it will put at risk my mortgage with Platform Home Loans Ltd. 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.
Hoping to buy a property located in Downton and I am already nervous. I couldn't find anything specific about Downton. Conveyancing will be needed in due course but do you know about the Downton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Downton. In the meantime here are some basic statistics that we found
Do you have any top tips for leasehold conveyancing in Downton from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Downton can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers. If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a new share certificate is often a time consuming process and slows down many a Downton conveyancing deal. If a new share certificate is required, do contact the company officers or managing agents (where applicable) for this as soon as possible. A minority of Downton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Downton state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such changes. If you dont have the approvals in place do not contact the landlord without contacting your conveyancer in advance. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
Leasehold Conveyancing in Downton - Sample of Queries Prior to Purchasing
Is the freehold reversion owned collectively by the leaseholders? If a Downton lease has less than eighty years it will have adverse implications on the marketability of the property. It is worth checking with your mortgage company 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 it is worth finding out what this would cost. For most Downtonlease extensions you would need to own the property for 24 months before you are legally able to exercise a lease extension.