We were just about to exchange contracts for a leasehold flat in Earley. We have hit a snag. The loan offer with Nationwide Building Society expires on 5/5/2026 but the vendors are suggesting a completion date of 7/5/2026. Is it possible to prolong the mortgage expiry date?
The person best placed to deal with your question is your conveyancer who is in a position to assess if he or she is corresponding with the bank, vendor’s lawyers, estate agents or possibly all three given what has gone on in your transaction as of today.
Finally the sale completed on my house in Earley last March but our buyer keeps SMS messaging daily complaining that their conveyancer is waiting to hear from mine. What are the post completion sale legalities following completion?
Following your house sale your conveyancer should forward the transfer deeds and all additional paperwork to the buyer’s lawyers. If applicable, your lawyer should also evidence that the legal charge in favour of the lender has been discharged to the purchasers solicitors. There are no post completion formalities unique to conveyancing in Earley.
My partner and I have arranged a further advance on our home loan from Kent Reliance as we wish to conduct renovations to our home in Earley. Are we obliged to choose a high street Earley solicitor on the Kent Reliance conveyancing panel to handle the legals?
Kent Reliance don't usually appoint firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance conveyancing panel.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Earley bank branch on a couple of occasions and was reassured it wasn't an issue and they will lend. My Earley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook section two requirements for your 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I recently had an offer accepted on an apartment in Earley. My financial adviser suggested a conveyancer. I paid an on account payment of £225. Not long after, the conveyancing practitioner called me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am looking for a ground for flat up to £245,000 and identified one close by in Earley I like with amenity areas and railway links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Earley in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
We are 18 days into a freehold purchase having been directed to conveyancers by the selling agent to perform conveyancing in Earley. I am am starting to be disappointed with the quality of service. Can you you assist me in finding new conveyancers?
A lawyer would need to be really bad to suggest replacing them. Has your mortgage been generated? In the event that it has you need to make them aware of the new contact details and get the offer are issued to the new lawyers. Your new conveyancer needs to be on the banks panel to avoid supplemental expenses and delays. So that should be your starting point. The search tool can assist you in finding a bank approved conveyancer for your home move in Earley
Completion is due on the disposal of our £175,000 flat in Earley next Friday. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Earley?
For most leasehold sales in Earley conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-contract questions
Where consent is required before sale in Earley
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I acquired a 1st floor flat in Earley, conveyancing formalities finalised June 2002. Can you work out an approximate cost of a lease extension? Comparable properties in Earley with over 90 years remaining are worth £255,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2099
With only 73 years left to run the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.