About to place an offer on a leasehold flat in Westminster. The property agents tell me that it is the norm for flats in Westminster to have less than 75 years unexpired on the lease. I am getting a mortgage with Chelsea Building Society. 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. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/9/2024 the requirements read as follows :
When it comes to lenders such as Bank of Ireland, do Westminster conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Can I be sure that the Westminster conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Westminster getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer conducting your transaction.
I'm spending time looking at apartments in Westminster and I am now considering a potential offer. Is it advisable to have a property lawyer on ‘stand by’? I intend to finance via a home loan with Nationwide.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are obtaining a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
I am buying a house and the conveyancer has raised the issue of Chancel Repair for which the property may be obligated to contribute to given it’s proximity to the area of such a church. He has recommended insurance. Is this really necessary for conveyancing in Westminster
Unless a previous purchase of the property completed post 12 October 2013 you could expect lawyers carrying out conveyancing in Westminster to remain recommending a chancel search and or chancel repair liability policy.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Westminster I like with a park and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Westminster for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I've recently bought a leasehold house in Westminster. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Westminster. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Westminster conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Westminster property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case related to 2 flats. The unexpired lease term was 56 years.
How do I find a Westminster conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to 10kilometers to attend the solicitor.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Westminster and you will see a number of lawyer located nearest Westminster. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.