We were just about to exchange contracts for a leasehold flat in Framlingham. We encountered a snag. The loan offer with Godiva Mortgages Ltd runs out on 27/6/2025 but the vendors are insisting on a completion date of 1/7/2025. Is it possible to prolong the loan offer?
The best person to deal with your question is your conveyancer who is in a position to determine whether they should be discussing with the mortgage company, seller’s representatives, property agents or possibly all parties given the history of your transaction to date.
Just bought a terraced house in Framlingham , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Framlingham conveyancing solicitor works at snail pace, so I want to check that my ownership is recorded.
There is nothing unique when it comes to conveyancing in Framlingham registration formalities. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether it is in order and if the Land registry need to notify any other persons or bodies. As of today in the region of three quarters of such applications are fully addressed in less than three weeks but some can be subject to longer hold-ups. Registration occurs after the new owner has moved in to the premises therefore post completion formalities is not usually primary concern but if there is a degree of urgency associated with the registration then you or your solicitor must speak with the land registry and explain the circumstances.
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Framlingham I like with a park and station nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Framlingham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I was advised by a number of property agents in Framlingham to get a quote from a property lawyer on your site. Is there a financial advantage for Estate Agents to market your lawyers rather than a competitor’s?
We don’t offer any referral fee for sending work our way. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
In my capacity as executor for the estate of my father I am disposing of a residence in Monmouth but reside in Framlingham. My solicitor (approximately 250 miles awayrequires that I execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing solicitor in Framlingham who can witness this legal document for me?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are located in Framlingham
My wife and I purchased a leasehold flat in Framlingham. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Framlingham who previously acted has now retired. What should I do?
First make enquiries of HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Framlingham conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Framlingham - Examples of Queries before Purchasing
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If a Framlingham lease has less than 80 years it will affect the value of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out how much this would cost. For most Framlinghamlease extensions you would need to own the premises for a couple of years in order to be entitled to extend the lease. How many years remain on the lease? Plenty Framlingham leasehold properties will be liable to pay a service charge for the upkeep of the building set on behalf of the management company. Where you buy the flat you will have to pay this liability, normally periodically during the year. This can differ from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent for you to pay yearly, ordinarily this is not a large sum, say around £25-£75 but you need to check as on occasion it could be prohibitively expensive.