I am about to put an offer on a leasehold apartment in Kings Langley. The estate agents say that it is standard for flats in Kings Langley to have less than 75 years left on the lease. I am expecting a mortgage with Virgin. Is this going to be a problem if the lease has Seventy One years unexpired.
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 17/3/2023 the requirements read as follows :
Have just purchased a repossessed house at auction in Kings Langley. Conveyancing is necessary. What are my next steps?
Given that you are now for in every practical sense signed on the dotted line you now have to retain a conveyancing practitioner quickly as you now have a pending a fixed date to complete the transaction. An auction property will ordinarily have an associated auction pack. This should include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold premises the conveyancing papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You need to hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding in order to complete the transaction on the set completion date.
I can not work out if my mortgage offer requires a lease extension. I have called my Kings Langley building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My Kings Langley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
The solicitor must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I had an offer accepted on an apartment in Kings Langley on 6/2/2023, valuation was booked 3 days after, all came back fine. Solicitor retained, so all that was missing was my mortgage offer. Having made daily calls to Nationwide and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nationwide conveyancing panel. Are Nationwide entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am purchasing a new build house in Kings Langley benefiting from help to buy. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not inform my lawyer about the extras as it will affect my mortgage with Chelsea Building Society. Is this normal?.
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.
I opted to have a survey done on a property in Kings Langley ahead of appointing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks will refuse to grant a mortgage on this type of house.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kings Langley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kings Langley to see if the conveyancing will be more expensive.
Am I best advised to choose a Kings Langley conveyancing solicitor based in the location that I am purchasing? An old friend can carry out the legal work however her office is 200miles drive away.
The primary upside of using a local Kings Langley conveyancing firm is that you can drop in to execute paperwork, present your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were happy that should surpass using an unfamiliar Kings Langley conveyancing solicitor just because they are based in the area.
I am looking for Kings Langley online conveyancing estimates. Can I be sure that all the Kings Langley law firms that are listed on your directory are on the mortgage company conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the lender panel. To date we have not been informed by either a lender or a member of the public that the data about a specific Kings Langley conveyancing solicitor being on the mortgage company conveyancing panel is incorrect.