We are a couple about to exchange contracts for a freehold house in North London. We encountered a problem. The loan offer with Nottingham Building Society runs out on 6/1/2026 but the vendors are putting forward a completion date of 8/1/2026. Is it possible to extend the mortgage expiry date?
The best person to address this issue is your lawyer who should calculate if he or she is should be discussing with the mortgage company, vendor’s conveyancers, estate agents or conceivably all parties based on what has gone on in your transaction as of today.
When can the exchange of contracts occur in domestic conveyancing in North London and do I need to be at the solicitors branch?
Where you are local to our conveyancing solicitors in North London you are welcome to attend to sign the paperwork. That being said, the lender approved solicitors we work with supply a national conveyancing service and give just as detailed and professional a job for you when dealing with you electronically. The executing of the property agreement is not the critical part. Signing on the dotted line simply enables the conveyancer to address the formalities at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in North London)to be in the office at the appropriate time.
I just acquired a property at auction in North London. Conveyancing is required. What are my next steps?
Having legally committed yourself to purchase you now have to instruct a conveyancing practitioner as a matter of urgency as you are facing a tight deadline in which to complete the deal. All auction property will ordinarily have a bespoke legal set of papers. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the conveyancing papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You must give this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that you have funds in order to complete on the date specified in the contract.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local North London building society branch on a couple of occasions and was advised it wasn't a problem and they will lend. My North London conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend based on their specific requirements. Who do I believe?
The lawyer has to comply with the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Intending to buy a maisonette in North London. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the North London solicitor is on the Coventry BS conveyancing panel.
I have been on the look out for a flat up to £245,000 and found one round the corner in North London I like with a park and railway links nearby, however it's only got 61 years on the lease. I can't really find anything else in North London suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I am tempted by the attractive purchase price for a couple of maisonettes in North London both have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field.
Despite our best endeavours, we have been unsuccessful in seeking a lease extension in North London. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Freehold Enfranchisement case for a North London flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The unexpired term was 73.26 years.
22 days into purchasing a property in North London. Conveyancing solicitor has called to say the property is "Leasehold". Does this impact the marketability of the house?
North London conveyancing does not ordinarily involve leasehold houses. The key factor here is the remaining lease term and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's virtually freehold, so it’s unlikely to affect the saleability significantly.
On the flip side, if it's, say, 50 years it is bound to have a significant impact on the saleability, and most likely wouldn't be acceptable to the bank. The remaining lease term and ground rent will be specified in the lease which should be made available to your conveyancing practitioner.