We are about to exchange contracts for a semi detached house in Kingsbury. We encountered a snag. The mortgage offer with Platform Home Loans Ltd runs out on 3/9/2025 but the owners are putting forward a completion date of 5/9/2025. Is it possible to extend the loan offer?
The person best placed to address this concern is your conveyancer who will determine whether they better off negotiating with the mortgage broker, vendor’s lawyers, selling agents or conceivably all three given the history of your conveyancing as of today.
I am the sole recipient of my late mum's will with all property in now in my sole name, including the house in Kingsbury. The Kingsbury property was put into my name in June. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership could be considered the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most lenders would take a sensible view as this requirement primarily exists to identify the purchase and immediately sell or the quick reselling of property.
We have agreed to purchase a house in Kingsbury. A rare aspect is that the roof has a solar panel. Yorkshire BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Yorkshire BS your lawyer must follow the formal instructions outlined in Section two of UK Finance Lenders’ Handbook for Yorkshire BS. The CML Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Yorkshire BS where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties nationwide and is not restricted to Kingsbury.
We were going to get a OIP from Coventry BS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Coventry BS recommend any Kingsbury solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Kingsbury solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
Despite weeks of looking the Title Certificate and documents to our property are lost. The lawyers who handled the conveyancing in Kingsbury 10 years ago no longer exist. What are my next steps?
Nowadays there are duplicates made of almost everything, and your solicitor will know precisely where to locate all the relevant documentation so you may purchase or dispose of your property without any difficulty. If duplicates can’t be located, your lawyer can arrange cover in the form of insurance or indemnities protecting you against possible claims on your property.
How does conveyancing in Kingsbury differ for newly converted properties?
Most buyers of new build premises in Kingsbury approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Kingsbury 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 conveyancing solicitors 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 accustomed to new build conveyancing in Kingsbury or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Kingsbury I like with a park and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Kingsbury for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan that many years will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass 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 concerning this.
What are your top tips when it comes to appointing a Kingsbury conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Kingsbury conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Kingsbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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Can they put you in touch with clients in Kingsbury who can give a testimonial?
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Kingsbury conveyancing firm to help?
Absolutely. We can put you in touch with a Kingsbury conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Kingsbury property is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case related to 1 flat. The unexpired term was 70.25 years.