I am about to put a bid on a leasehold property in Ravenglass. The estate agents assure me that it is normal for flats in Ravenglass to have less than 75 years remaining. I am getting a loan with Tesco Bank. Is this going to be acceptable if 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. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/4/2024 the requirements read as follows :
I understand that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a residence in Ravenglass? or Apparently there is a law dating back centuries that could mean that homeowners residing in a parish church boundary will be compelled to contribute towards repairs towards the chancel in proximity to the church. Is this appropriate for conveyancing in Ravenglass?
Unless a previous acquisition of the property took place post 12 October 2013 you may assume that conveyancing practitioners delivering conveyancing in Ravenglass to remain recommending a chancel search and or insurance against a claim.
I used Action Conveyancing a few years ago for my conveyancing in Ravenglass. I now require my papers but cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Ravenglass of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Ravenglass differ for new build properties?
Most buyers of new build residence in Ravenglass contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Ravenglass typically acquire the land, 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 accustomed to new build conveyancing in Ravenglass or who has acted in the same development.
My cousin has recommend that I instruct his lawyers for conveyancing in Ravenglass. Do I take his advice?
No doubt the ideal way to choose a conveyancing solicitor is to have guidance from friends or family who have used the solicitor that you are are thinking of instructing.
What are your top tips when it comes to finding a Ravenglass conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Ravenglass conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Ravenglass conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
-
What are the legal fees for lease extension conveyancing?
Leasehold Conveyancing in Ravenglass - A selection of Questions you should consider Prior to Purchasing
-
What restrictions exist in the Ravenglass Lease? You should want to discover as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the upkeep of the common parts. Enquire of other people what they think of them. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending the funds. What is the the remaining lease term?