I am about to put an offer on a leasehold property in Bangor. The property agents assure me that it is normal for flats in Bangor to have less than 75 years remaining. I am obtaining a loan with Accord Mortgages. 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. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 5/3/2025 the requirements read as follows :
Do I need to take out insurance to protect me from financial exposure to chancel repairs when buying a residence in Bangor?
Unless a prior purchase of the premises completed post 12 October 2013 you may assume that lawyers handling conveyancing in Bangor to remain encouraging a chancel search and or insurance against a claim.
The deeds to my home can not be found. The lawyers who conducted the conveyancing in Bangor 4 years ago have long since closed. What are my options?
You no longer need to have the physical official documentation to prove you are the registered proprietor of land or property, as the Land Registry have everything they need in a digital format.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Bangor is the location of the property. Is there any advice you can give?
Flying freeholds in Bangor are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bangor you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bangor may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Can you offer any advice when it comes to finding a Bangor conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Bangor conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Bangor conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
-
If they are not ALEP accredited then what is the reason? What volume of lease extensions has the firm completed in Bangor in the last year?
Bangor Leasehold Conveyancing - Examples of Queries Prior to buying
-
Its a good idea to discover as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to day to day issues such as the upkeep of the common parts. Don't be shy to ask prospective neighbours whether they are happy with them. Finally, find out the dates that the service charges are due to the appropriate party and specifically how they are spending the funds. Please note if it is less than 80 years it will impact the salability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will need to own the residence for two years before you are legally able to exercise a lease extension.
Builders have put forward a property lawyer and I've obtained an estimate from them. They are nearly £300 cheaper than my own Bangor lawyer. What's the catch?
Developers normally have lists of property lawyers who are quick and who know the developer’s documentation and lawyer. Plenty of developers offer an incentive to use a preferred conveyancer for this reason, any increased cost can be avoided and a developer won't suggest a conveyancing warehouse and run the risk of having the conveyancing stall when they need an exchange inside a month. The argument for not agreeing to use the recommended property lawyer is that they may prove hesitant to 'push' your interests for fear of upsetting the developer. Where you have concerns that this may be the case you should remain with your high street Bangor property lawyer.