I am about to put an offer on a leasehold flat in Langley. The selling agents say that it is usual for flats in Langley to have less than 75 years left on the lease. I am obtaining a loan with Virgin. Will the property be mortgageable given that the lease has 70 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing 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 10/5/2021 the requirements read as follows :
If you had a top tip for choosing a conveyancing solicitor in Langley what would it be?
Do not opt for the lowest Langley conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
We previously instructed conveyancers locally in Langley on the HSBC solicitor panel. They are now charging me an additional charge for the legal aspects of the HSBC mortgage. Is this an additional conveyancing fee specified by HSBC?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancing practitioner can levy a fee for this. The fee is not set by HSBC but by your Langley solicitor. Numerous firms on the HSBC panel will quote ’dealing with mortgage’ fee but some firms include it on their overall fee.
The mortgage over my property is with Clydesdale for my property in Langley. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
Clydesdale must be informed of your intention before renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel firm.
Are there restrictive covenants that are commonly identified during conveyancing in Langley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Langley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Langley differ for newly converted properties?
Most buyers of new build premises in Langley approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Langley usually acquire the site, 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 property lawyers 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 Langley or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Langley prior to appointing solicitors. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will not give a mortgage on this type of premises.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. 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 used to dealing with flying freeholds in Langley. Conveyancing will be smoother if you use a solicitor in Langley especially if they are familiar with such properties in Langley.
Can you provide any advice for leasehold conveyancing in Langley from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Langley can be reduced where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors. Some Langley leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a replacement share certificate can be a time consuming process and delays many a Langley conveyancing deal. Where a new share is required, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
I am the proprietor of a basement flat in Langley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the amount due.
An example of a Freehold Enfranchisement decision for a Langley residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired residue of the current lease was 69 years.