I am about to put an offer on a leasehold flat in Somersham. The estate agents say that it is normal for flats in Somersham to have less than 75 years unexpired on the lease. I am obtaining a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has Seventy One years remaining.
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. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/10/2020 the requirements read as follows :
I am the sole beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Somersham. Conveyancing formalities meant that the Land Registry date was in September. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the house in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view lenders take of it, depend on the lender as this provision chiefly exists to capture the purchase and immediately sell or the quick reselling of property.
I'm at the point of viewing houses in Somersham and I am now considering a potential offer. Is it advisable to have my solicitor on ‘stand by’? I intend to finance via a mortgage with UBS.
It would be sensible to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with UBS, make sure you remember to check that your lawyer is on the UBS conveyancing panel.
I have finally had an offer on a flat in Somersham agreed to, the owners do nevertheless have a connected purchase. The sellers have offered on a property, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have selected a local conveyancing solicitor in Somersham. What should be my next step? When do I get the mortgage application with Leeds Building Society started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then survey, Somersham conveyancing search charges, etc). First, you must check that your lawyer is on the Leeds Building Society conveyancing panel. Regarding the subsequent stages this very much depends on the uniqueness of your transaction, desire for the property and on the state of the market. During a buoyant market many purchasers would apply for the mortgage with Leeds Building Society and arrange for the valuation and only if it was satisfactory would they pay their solicitor to move forward with searches.
Various online forums that I have visited warn that are a common cause of delay in Somersham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Somersham.
I am looking to sell my home. My previous solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Somersham if that makes things easier.
You should use our search tool to help you choose a solicitor for your conveyancing in Somersham. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
Back In 2005, I bought a leasehold flat in Somersham. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Somersham who acted for me is not around. What should I do?
The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Somersham conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Somersham Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
-
It is important to be aware whether redecorating or some other significant cost is coming up to be shared between the leaseholders and will materially impact the level of the maintenance costs or necessitate a one time invoice. Who are the managing agents? What is the the remaining lease term?
Are all Somersham conveyancers on every bank conveyancing panel?
You can use our search tool or you can drop into your high street lender branch in Somersham. the probability is that they will be in a position to suggest some approved conveyancing solicitors in Somersham