I have Fifty Six years remaining on my lease and need a lease extension for my apartment in Henlow. Conveyancing solicitors on the Chelsea Building Society 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. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/12/2022 the requirements read as follows :
Just had an offer accepted on a new build flat in Henlow. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Henlow
-
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I opted to have a survey completed on a house in Henlow ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some banks tend refuse to grant a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Henlow. Conveyancing will be smoother if you use a solicitor in Henlow especially if they are acquainted with such properties in Henlow.
Am I right to be wary about estate agents that I am dealing with are suggesting a nationwide conveyancing firm rather than a local Henlow conveyancing firm?
As with lots of professional services, often input from relatives can be extremely useful or valuable. Nevertheless there are many parties with a keen interest in a conveyancing deal; estate agents, financial adviser and banks may suggest conveyancers to retain. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are at liberty to select your preferred conveyancer. Don't forget that many banks have an approved list of conveyancers you are obliged to use for the mortgage aspect of your transaction.
Having checked my lease I have discovered that there are only 62 years unexpired on my flat in Henlow. I now want to get lease extension but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the lessor. In some cases an enquiry agent would be useful to try and locate and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Henlow.
Leasehold Conveyancing in Henlow - Sample of Queries before buying
-
Please note if it is fewer than eighty years it will impact the marketability of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out how much this would cost. For most Henlowlease extensions you would be required to have been the owner of the premises for a couple of years in order to be entitled to carry out a lease extension. Are there any major works in the planning that will add a premium to the maintenance fees? Is the freehold owned jointly by the leaseholders?
We are soon to exchange buying a house in Henlow but as a consequence of damage from the recent storms I have negotiated reparation from the current proprietors of £3k by way of a reduction in the price. I had intended this to be addressed as part of the conveyancing process but my mortgage company will not agree to this. Should they have been approached?
The solicitor listed on a bank conveyancing panel is required to inform the bank of any variations to the sale price. If you did not allow your property lawyer to report the reduction to your lender then they would need to disinstructing themselves from acting for you and the mortgage company.