About to place an offer on a leasehold property in Horsford. The estate agents say that it is normal for flats in Horsford to have less than 75 years unexpired on the lease. I am expecting a mortgage with Bank of Ireland. Is this going to be a problem if the lease has 72 years to go.
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. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/2/2024 the requirements read as follows :
Should my lawyer be making enquiries about flooding as part of the conveyancing in Horsford.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Horsford. Some people will acquire a property in Horsford, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a various searches that can be initiated by the buyer or by their lawyers which can give them a better understanding of the risks in Horsford. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine if the property has historically flooded. If the residence has been flooded in past and is not revealed by the seller, then a purchaser could issue a compensation claim resulting from an incorrect answer. The buyer’s conveyancers may also conduct an environmental report. This will disclose whether there is any known flood risk. If so, more detailed inquiries should be carried out.
How does conveyancing in Horsford differ for new build properties?
Most buyers of new build or newly converted property in Horsford approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Horsford usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Horsford or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and identified one near me in Horsford I like with open areas and transport links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Horsford in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
What are your top tips when it comes to appointing a Horsford conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Horsford conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with several firms including non Horsford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
If they are not ALEP accredited then what is the reason? Can they put you in touch with clients in Horsford who can give a testimonial?
Leasehold Conveyancing in Horsford - Examples of Questions you should consider Prior to Purchasing
How many of the leaseholders are in arrears for their maintenance charge payments? What is the name of the managing agents? How many years remain on the lease?
We are considering choosing a web based solicitor as opposed to a Horsford conveyancing firm. Any advice?
Advantages do exist in having the option pop in to a local Horsford conveyancing solicitor for instance
- signing documents same day
- sometimes being able to see someone face-to-face can make a significant difference, particularly for non-standard conveyancing
- the ability to complain if matters go pear-shaped
When comparing estimates, look carefully for hidden extras. The majority decent Horsford high street solicitors give an all-inclusive figure. Often online companies seem to offer discounted fees, but have hidden 'extras' in the fine print.