We are a couple about to exchange contracts for a garden flat in Otford. We encountered a problem. The mortgage offer with Birmingham Midshires runs out on 28/4/2026 but the owners are suggesting a completion date of 30/4/2026. Can one prolong the mortgage offer?
The best person to deal with your question is your conveyancer who will hopefully assess whether they better off negotiating with the mortgage company, vendor’s lawyers, selling agents or possibly all three taking into account the circumstances your transaction to date.
I own a freehold premises in Otford but still pay rent, why is this and what is this?
It’s unusual for properties in Otford and has limited impact for conveyancing in Otford 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 have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I am buying my first flat in Otford with the aid of help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not reveal to my solicitor about this extras as it could jeopardize my loan with Halifax. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £245,000 and found one close by in Otford I like with open areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Otford for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
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 existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
How difficult is it to switch firm as I need to select one who is on the Birmingham Midshires conveyancing list. I was using a local conveyancing solicitor in Otford round the corner but she is not accepted by Birmingham Midshires
We will our best to assist in finding you a conveyancing solicitor in Otford on the Birmingham Midshires panel. Please note that the law firms that we on the directory do not pay us fee if you instruct them and are under regulation of the SRA who regulate all conveyancing solicitors in Otford. In making use of the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Otford.
I wish to let out my leasehold flat in Otford. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous Otford conveyancing solicitor is not available you can check your lease to see if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek permission from your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
I acquired a basement flat in Otford, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Otford with an extended lease are worth £216,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2095
With only 69 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.