We were just about to sign contracts for a freehold house in Horfield. We have hit a stumbling block. Our loan offer with Accord Mortgages Ltd runs out on 23/11/2020 but the owners are insisting on a completion date of 25/11/2020. Can one prolong the mortgage expiry date?
The best person to address this issue is your conveyancer who should calculate if they corresponding with the lender, vendor’s conveyancers, estate agents or possibly all three given the circumstances your house move as of today.
Can you explain why leasehold purchase conveyancing in Horfield is more expensive?
Horfield leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
About to purchase a new build flat in Horfield. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Horfield
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the advice of my in-laws I had a survey completed on a property in Horfield prior to appointing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies may not grant a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Horfield. Conveyancing will be smoother if you use a solicitor in Horfield especially if they are acquainted with such properties in Horfield.
I'm remortgaging my current home to a BTL loan with National Westminster Bank and I will use the rest of the raised equity as a down payment on another property. The location we are talking about is Horfield. Will your conveyancers be able to act for the two mortgage companies and link together the transactions?
Do use our search tool on this site to check that the lawyers are approved by both lenders. On the basis that they are the conveyancer should be able to tie up the two deals but you should talk with you conveyancer and specify your expectations and requirements.
I work for a reputable estate agency in Horfield where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Horfield conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Horfield Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
How many of the leaseholders are in arrears for their maintenance charge payments? Best to be warned if window replacement or some other major work is due shortly that will be shared amongst the leaseholders and could well materially impact the level of the maintenance costs or result in a specific payment. The best form of lease arrangement is a share of the freehold. In this situation the tenants benefit from control and notwithstanding that a managing agent is often employed where it is larger than a house conversion, the managing agent is directed by the tenants.