We were just about to exchange contracts for a ground floor flat in Leiston. We encountered a snag. Our mortgage offer with Barnsley Building Society runs out on 1/7/2024 but the owners are insisting on a completion date of 3/7/2024. Is it possible to extend the loan expiry date?
The person best placed to deal with your concern is your lawyer who will assess whether they should be discussing with the mortgage company, vendor’s solicitors, selling agents or possibly all parties based on the circumstances your house move as of today.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Leiston?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Leiston. 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 Leiston differ for new build properties?
Most buyers of new build or newly converted property in Leiston come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because developers in Leiston typically purchase the real estate, 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 used to new build conveyancing in Leiston or who has acted in the same development.
My business partner and I are wishing to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering no-sale-no charges for commercial conveyancing in Leiston for below £1,200?
We can recommend firms who have specialist knowledge of commercial conveyancing in Leiston, including the disposal and acquisition of businesses as well as simply property. If you are intending to buy or sell a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right lawyer. Regarding the fees these will vary based on the structure and nuances of the proposed transaction. Please provide us with your contact information or telephone so as to enable us to furnish you with a fixed commercial conveyancing calculation.
I am a fortnight into a leasehold purchase having been referred to a firm by the estate agent to handle our conveyancing in Leiston. I am am starting to be disappointed with the quality of service. Could you you assist me in finding new solicitors?
They would have to be very bad in order to consider diss instructing them. Has your mortgage offer been sent? If so you need to make them aware of the replacement lawyer and have the offer are re-sent. The solicitor ideally should be on the banks approved list to avoid escalating fees and frustration. So that should be your starting point. Our search tool will assist you in finding a bank approved conveyancer for your home move in Leiston
I work for a busy estate agency in Leiston where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Leiston conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 sit tight for 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.
Alternatively, it may be possible 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.
Leiston Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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If a Leiston lease has no more than eighty years it will affect the value of the flat. Check with your mortgage company that they are content with remaining years on the lease. A short lease means that you will probably require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the premises for 24 months before you are legally able to extend the lease. Please tell me if there are any major works in the planning that will add a premium to the maintenance fees? You will want to discover as much as possible about the managing agents as they can either make life much easier or a lot more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Enquire of other people whether they are happy with them. Finally, find out the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending the funds.