I am about to put an offer on a leasehold property in Fulwood. The property agents assure me that it is normal for flats in Fulwood to have less than 75 years unexpired on the lease. I am obtaining a loan with Virgin. Will the property be mortgageable given that the lease has 70 years to go.
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. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 19/2/2024 the requirements read as follows :
Will my conveyancer be asking questions regarding flooding during the conveyancing in Fulwood.
Flooding is a growing risk for solicitors dealing with homes in Fulwood. Some people will acquire a property in Fulwood, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a number of checks that may be carried out by the purchaser or by their solicitors which should figure out the risks in Fulwood. The conventional set of property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to discover whether the property has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the seller, then a purchaser may bring a legal claim for losses as a result of such an incorrect answer. A purchaser’s lawyers will also carry out an environmental search. This should higlight if there is any known flood risk. If so, additional inquiries should be initiated.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Fulwood is the location of the property. Can you shed any light on this issue?
Flying freeholds in Fulwood are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fulwood you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fulwood may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I'm remortgaging my existing property to a BTL mortgage with Britannia and intend to use the remaining equity as a down payment on another house. The area we are talking about is Fulwood. Will your lawyers be able to act for the two banks and link together the conveyances?
Do use our search tool on this page to ensure that the lawyers are on the relevant lender panels. Assuming that they are your lawyer should be able to tie up the two transactions but you should have a chat with you lawyer and specify your desired outcome and needs.
I need to instruct a conveyancing solicitor for freehold conveyancing in Fulwood. I happened to land on a site which looks to be the ideal solution If it is possible to get all the legals done via email that would be ideal. Do I need to be wary? What should out be looking out for?
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?
Having had my offer accepted I require leasehold conveyancing in Fulwood. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Fulwood - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Fulwood Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
If a Fulwood lease has no more than eighty years it will affect the salability of the flat. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. For most Fulwoodlease extensions you would be required to have been the owner of the property for a couple of years in order to be legally able to extend the lease. Who takes responsibility for maintaining and repairing the block?