We were just about to sign contracts for a leasehold flat in Stapleford. We encountered a problem. The mortgage offer with Virgin Money expires on 1/7/2026 but the sellers are putting forward a completion date of 3/7/2026. Can one prolong the loan offer?
The person best placed to deal with your question is your lawyer who will hopefully assess if he or she is corresponding with the lender, vendor’s conveyancers, selling agents or indeed all parties based on the history of your house move as of today.
I am the registered owner of a freehold property in Stapleford yet invoiced for rent, why is this and what is this?
It is rare for properties in Stapleford and has limited impact for conveyancing in Stapleford 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My lawyer in Stapleford is not on the National Westminster Bank Approved Panel. Can I still use my family solicitor even though they are not on the National Westminster Bank approved list?
Your options are as follows:
- Complete the purchase with your existing Stapleford solicitors but National Westminster Bank will need to retain a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing charges as well as result in delays.
- Choose a new solicitor to to deal with the conveyancing, not forgetting to check they are National Westminster Bank approved.
- Persuade your National Westminster Bank solicitor to attempt to join the National Westminster Bank panel
I opted to have a survey carried out on a house in Stapleford in advance of instructing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some banks may not issue a mortgage on this type of property.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stapleford. Conveyancing will be smoother if you use a solicitor in Stapleford especially if they are acquainted with such properties in Stapleford.
Can you offer any advice when it comes to choosing a Stapleford conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Stapleford conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Stapleford conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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If the firm is not ALEP accredited then why not?
I own a split level flat in Stapleford, conveyancing was carried out 3 years ago. How much will my lease extension cost? Similar properties in Stapleford with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2102
You have 76 years left to run the likely cost is going to be between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Our conveyancer in Stapleford has discovered a a problem with the lease for the property we are buying in Stapleford. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Stapleford conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. These conveyancing instructions have to be complied with by the bank conveyancing panel who has to balance acting for you and the bank