We are a couple about to exchange contracts for a leasehold flat in West Kirby. We encountered a stumbling block. The loan offer with Santander runs out on 24/6/2024 but the vendors are suggesting a completion date of 26/6/2024. Is it possible to extend the mortgage expiry date?
The best person to address this question is your conveyancer who will hopefully determine whether he or she is corresponding with the mortgage broker, seller’s solicitors, estate agents or conceivably all parties taking into account the circumstances your transaction as of today.
My friend recommended that where I am buying in West Kirby I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your West Kirby conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about West Kirby around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, West Kirby Education with maps and statistics, Local Amenities and other useful information regarding West Kirby.
I am buying a new build house in West Kirby with the aid of help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not reveal to my solicitor about the deal as it could jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £305k and identified one near me in West Kirby I like with amenity areas and transport links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in West Kirby in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am employed by a long established estate agent office in West Kirby where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local West Kirby conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a basement flat in West Kirby, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in West Kirby with an extended lease are worth £265,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2100
With just 76 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
My wife and I have recently appointed a conveyancing solicitor in West Kirby. I I would like to check if they are on the bank's conveyancing panel. Can you or the bank confirm if they are on the panel?
One option is to call your solicitor and ask them if they are on the lender's panel. If that does not help call us and we can investigate and revert. If they are not on the lender panel we can certainly arrange a specialist conveyancing solicitor in West Kirby on the panel for your lender.