We were just about to sign contracts for a leasehold flat in Addington. We encountered a snag. Our mortgage offer with Bank of Ireland expires on 10/7/2025 but the vendors are insisting on a completion date of 14/7/2025. Can one extend the mortgage expiry date?
The best person to address this question is your conveyancer who is in a position to assess if he or she is should be discussing with the lender, seller’s conveyancers, selling agents or indeed all three taking into account what has gone on in your conveyancing to date.
I am the registered owner of a freehold house in Addington but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Addington and has limited impact for conveyancing in Addington but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Do I have to visit the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Addington so that I can pop in to their offices if necessary.
These days conveyancing panel lawyers for lenders carry out all of the communications through the post, e-mail or over phone calls. This means that they can undertake the conveyancing transaction no matter where you live in England or Wales. That being said you should see if you have the option of visiting the offices of your conveyancing lawyer if needed.
I have been told that property searches are the main cause of delay in Addington conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Addington.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in Addington I like with open areas and railway links in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Addington suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Expecting to exchange soon on a studio apartment in Addington. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Addington should include some of the following:
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Repair and maintenance of the flat What options are open to you if another tenant in the building breaches a clause of their lease? Your conveyancers should enable you to have an understanding of the building insurance requirements Does the lease require carpeting throughout thus preventing wood flooring? Responsibility to repair and maintain the block. It is important for you to know who is liable for the repair and maintenance of every part of the building
I own a first floor flat in Addington. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to arrive at the price.
An example of a Freehold Enfranchisement decision for a Addington property is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case was in relation to 2 flats. The unexpired residue of the current lease was 76.75 and 88.83.