We were just about to exchange contracts for a property in Little Ilford. We have hit a stumbling block. Our loan offer with Barnsley Building Society expires on 28/7/2023 but the owners are putting forward a completion date of 1/8/2023. Is it possible to prolong the mortgage offer?
The best person to deal with your issue is your lawyer who should calculate whether they corresponding with the mortgage broker, seller’s solicitors, property agents or conceivably all three taking into account the history of your transaction as of today.
I own a freehold house in Little Ilford yet pay rent, why is this and what is this?
It is rare for properties in Little Ilford and has limited impact for conveyancing in Little Ilford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
How do I find out if the solicitor conducting my conveyancing in Little Ilford is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Clydesdale thus paying £187.00 plus VAT in further legal fees.
Feel free to make use of the find a conveyancing panel solicitor tool on this site. Please choose the mortgage company and type ‘Little Ilford’ or your location and you will discover a number of lawyer offices in Little Ilford or near you.
How does conveyancing in Little Ilford differ for newly converted properties?
Most buyers of new build residence in Little Ilford contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Little Ilford usually acquire 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 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 Little Ilford or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one close by in Little Ilford I like with amenity areas and station in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Little Ilford for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could 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 consult your conveyancing lawyer regarding this.
Can you offer any advice when it comes to finding a Little Ilford conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Little Ilford conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Little Ilford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
What are the costs for lease extension work? Can they put you in touch with clients in Little Ilford who can give a testimonial?
I inherited a a ground floor purpose built flat in Little Ilford. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Little Ilford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Little Ilford premises is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case affected 5 flats. The unexpired term was 73.8 years.