I am about to put a bid on a leasehold flat in Wheathampstead. The property agents assure me that it is the norm for flats in Wheathampstead to have less than 75 years remaining. I am getting a loan with Chelsea Building Society. Is this going to be acceptable if the lease has 70 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting 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 7/10/2021 the requirements read as follows :
I am the sole recipient of my late mum's estate and I have everything in my name alone, including the my former home in Wheathampstead. Conveyancing formalities meant that the Land Registry date was in September. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership could be treated the same way as if I'd bought the house in September. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. many mortgage companies would take a practical view as this clause primarily exists to identify subsales or the flipping of property.
We previously selected conveyancers locally in Wheathampstead on the Aldermore solicitor panel. They are now charging me a further amount for dealing with the Aldermore mortgage. Is this a supplemental conveyancing fee specified by Aldermore?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer is entitled to charge a fee for this. The fee is not set by Aldermore but by your Wheathampstead conveyancer. Some firms on the Aldermore panel will quote an ‘acting for lender’ fee and others do not.
My husband and I have organised a further advance on our home loan from Leeds Building Society as we wish to carry out a loft conversion to our house in Wheathampstead. Are we obliged to choose a nearby Wheathampstead solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society would not normally require a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I used Stirling Law several years ago for my conveyancing in Wheathampstead. I now require my file but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Wheathampstead of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build house in Wheathampstead benefiting from help to buy. The developers would not move on the amount so I negotiated 6k of additionals instead. The property agent advised me not to tell my conveyancer about this extras as it may put at risk my mortgage with the lender. 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.
Due to the input of my in-laws I had a survey completed on a house in Wheathampstead before retaining lawyers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some lenders tend not grant a loan on this type of property.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wheathampstead. Conveyancing may be slightly more expensive based on your lender's requirements.
I wish to sublet my leasehold flat in Wheathampstead. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Wheathampstead do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I purchased a 2 bed flat in Wheathampstead, conveyancing was carried out January 2000. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Wheathampstead with an extended lease are worth £176,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2101
You have 80 years left to run we estimate the price of your lease extension to span between £7,600 and £8,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other 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 placing reliance on this information without first seeking the advice of a professional.