I have Fifty Six years unexpired on my lease and need a lease extension for my apartment in Freshwater. Conveyancing solicitors on the Tesco Bank panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/9/2022 the requirements read as follows :
What is your number one tip for finding a conveyancing solicitor in Freshwater
It would be unwise to be swayed by the lowest Freshwater conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm the single recipient of my late grandmother’s will with all property in now in my sole name, including the house in Freshwater. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be regarded the same way as if I'd bought the property in August. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Most banks would take a sensible view as this requirement is principally there to pick up on the purchase and immediately sell or the flipping of property.
We had chosen solicitors based in Freshwater on the Bank of Ireland solicitor approved list. They have just invoiced me an additional amount for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee specified by Bank of Ireland?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner can charge a fee for this. This fee is not set by Bank of Ireland but by your Freshwater property lawyer. Some firms on the Bank of Ireland panel will quote ’dealing with mortgage’ fee but some firms include it on their overall fee.
Are there restrictive covenants that are commonly picked up during conveyancing in Freshwater?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Freshwater. 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 need to find a conveyancing solicitor for freehold conveyancing in Freshwater. I happened to chance upon a site which appears to be the ideal solution If there is a chance to get all formalities completed via phone that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What are the common defects that you see in leases for Freshwater properties?
Leasehold conveyancing in Freshwater is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
A provision to repair to or maintain parts of the property
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Freshwater - Examples of Questions you should consider before buying
This question is helpful as a) areas may result in problems for the building as the communal areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will need to have full disclosure Does this lease have more than 82 years left? The majority of Freshwater leasehold flats will have a service charge for maintenance of the block set by the landlord. If you acquire the flat you will have to meet this liability, normally in instalments accross the year. This may vary from a few hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, ordinarily this is not a large amount, say approximately £25-£75 but you need to check it because on occasion it can be surprisingly expensive.
My mum and dad cant seem to find their Freshwater property on the HMLR website. They recall that sixty years ago when they acquired the house there were complications with the address not being recognised in some systems.
Almost all premises in Freshwater should be revealed. Have you endevoured to search to just the postcode. Normally it will mention all the houses and flats inside that postcode. Assuming the property is registered it will be there with a title number. Where they bought 48 years ago it's conceivable it may be unrecorded. The property could still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title papers which may be with your parent’s bank.