We were just about to exchange contracts for a leasehold flat in Barrowden. We encountered a snag. The mortgage offer with Coventry Building Society runs out on 29/9/2025 but the owners are putting forward a completion date of 1/10/2025. Is it possible to extend the loan offer?
The best person to address this issue is your solicitors who will assess whether they corresponding with the mortgage broker, vendor’s representatives, selling agents or conceivably all three given the circumstances your transaction to date.
Is there a search tool that I can use to find out if the solicitor carrying out my conveyancing in Barrowden is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Godiva Mortgages Ltd thus spending £175.00 in further legal charges.
Please do make use of the search tool on this page. Please choose the mortgage company and type ‘Barrowden’ or your location and you will be presented with a number of lawyer based in Barrowden or by proximity to you.
How does conveyancing in Barrowden differ for new build properties?
Most buyers of new build or newly converted property in Barrowden come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Barrowden tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Barrowden or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one near me in Barrowden I like with amenity areas and transport links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Barrowden suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
My wife and I purchased a leasehold house in Barrowden. Conveyancing and Accord Mortgages Ltd mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Barrowden who acted for me is not around. What should I do?
First contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Barrowden conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a 1st floor flat in Barrowden, conveyancing was carried out November 2002. How much will my lease extension cost? Equivalent properties in Barrowden with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ends on 21st October 2096
With only 71 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
What can I do where I am not happy with the conveyancing practitioner who undertook my conveyancing in Barrowden?
Occasionally the level of service you receive is not as you expect, and unfortunately occasionally matters do not go as planned. That being said there is recourse if you were unhappy with your conveyancing in Barrowden. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their governing body. If you remain dissatisfied you may consider getting in touch with the Legal Ombudsman.