About to place a bid on a leasehold flat in Upney. The property agents say that it is normal for flats in Upney to have less than 75 years left on the lease. I am taking out a loan with Virgin. Is this going to be acceptable if the lease has 70 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/2/2020 the requirements read as follows :
I have recentlybeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Upney for a purchase of a leasehold apartment 12 months ago. How can I check that my home is in my name in the name of the previous owner?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Upney conveyancing specialists.
How does conveyancing in Upney differ for newly converted properties?
Most buyers of new build premises in Upney contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Upney tend to purchase 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 used to new build conveyancing in Upney or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Upney before appointing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some lenders will refuse to give a mortgage on such a home.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Upney. Conveyancing will be smoother if you use a solicitor in Upney especially if they are accustomed to such properties in Upney.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Upney. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Upney are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Upney in which case you should be shopping around for a Upney conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am the registered owner of a a ground floor purpose built flat in Upney. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Upney conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Upney residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired term as at the valuation date was 61.36 years.
Is it true that a Upney conveyancing firm got sued by clients for failing to conduct the appropriate conveyancing searches?
Our attention has not be brought to such a Upney conveyancing matter but according to a recent report, a couple buying a house in Cumbria successfully won a claim against their conveyancer due to development permission to construct a wind farm failing to be picked up in conveyancing searches.
If you are buying in Upney It is important that your solicitor purchase all Upney conveyancing searches necessary making sure that you have relevant and current information ahead of purchasing a property.