I am about to put a bid on a leasehold flat in Gatley. The selling agents say that it is standard for flats in Gatley to have less than 75 years left on the lease. I am expecting a loan with Virgin. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining 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 18/9/2022 the requirements read as follows :
Should our lawyer be raising questions regarding flooding as part of the conveyancing in Gatley.
Flooding is a growing risk for solicitors carrying out conveyancing in Gatley. There are those who purchase a house in Gatley, fully expectant 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 property purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Gatley. The standard information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to determine whether the property has suffered from flooding. If flooding has previously occurred which is not revealed by the seller, then a purchaser could commence a claim for damages resulting from an incorrect response. A purchaser’s solicitors will also commission an environmental report. This will disclose if there is a recorded flood risk. If so, additional investigations should be made.
My wife and I purchased a 4 bedroom Victorian property in Gatley. Conveyancing lawyer acted for me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Gatley and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing lawyer who conducted the purchase.
I am purchasing my first flat in Gatley benefiting from help to buy. The builders refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not disclose to my lawyer about this side-deal as it would jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
How do I use your search app to find a conveyancing practitioner in Gatley on the authorised to act for my bank?
1st select a mortgage company such as Santander, Chelsea Building Society or Platform Home Loans Ltd then choose your preferred area a common one being Gatley. Conveyancing organisations in Gatley and across England and Wales will then be identified.
Am I better off to choose a Gatley conveyancing lawyer in close proximity to the house I am purchasing? We have a good friend who can conduct the legal formalities however they are based 300miles drive away.
The primary upside of using a local Gatley conveyancing firm is that you can pop in to execute paperwork, hand in your ID and pester them if necessary. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were impressed that should surpass using an unfamiliar Gatley conveyancing lawyer just because they are based in the area.