We were just about to sign contracts for a property in Stoke Park. We have hit a problem. Our mortgage offer with Clydesdale runs out on 13/2/2026 but the vendors are putting forward a completion date of 17/2/2026. Is it possible to prolong the mortgage offer?
The person best placed to deal with your question is your solicitors who will determine whether he or she is should be discussing with the mortgage company, owner’s solicitors, selling agents or conceivably all three based on what has happend in your house move as of today.
What will a local search tell me regarding the house we're purchasing in Stoke Park?
Stoke Park conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search is essential in every Stoke Park conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I am buying a new build flat in Stoke Park. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Stoke Park
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a flat up to £245,000 and found one round the corner in Stoke Park I like with amenity areas and transport links in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Stoke Park suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could request that they 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 consult your conveyancing lawyer concerning this.
Can you provide any advice for leasehold conveyancing in Stoke Park with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stoke Park can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers’ representatives. Many landlords or Management Companies in Stoke Park levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Stoke Park. A minority of Stoke Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is under 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I bought a basement flat in Stoke Park, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Stoke Park with a long lease are worth £222,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2096
With 71 years left to run the likely cost is going to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
My partner and I have an offer in principle from Coventry Building Society who indicated we could borrow up to £300k. At what point do I need to instruct a lawyer for conveyancing? Stoke Park is where we are buying.
You can appoint a lawyer now so that the conveyancer can open the file so they can conduct their AML checks etc. Once you wish them to commence work you will be asked for a deposit usually approximately £200. That should generally be after you have the loan offer from your bank and valuation report, nevertheless if you want to expedite matters you can get going sooner albeit risking some expense.