About to place an offer on a leasehold property in Bexhill. The estate agents advise that it is the norm for flats in Bexhill to have less than 75 years remaining. I am getting a mortgage with Virgin. Is this going to be acceptable if the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/11/2024 the requirements read as follows :
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a residence in Bexhill?
Unless a previous acquisition of the property completed after 12 October 2013 you may assume that conveyancing practitioners delivering conveyancing in Bexhill to remain encouraging a chancel search and or insurance against a claim.
How does conveyancing in Bexhill differ for newly converted properties?
Most buyers of new build residence in Bexhill contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Bexhill usually acquire the site, 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 conveyancers 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 Bexhill or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one near me in Bexhill I like with amenity areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Bexhill for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property 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 with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
What makes your site different to other web based conveyancing solicitors for conveyancing in Bexhill?
At this site receive an accurate costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Bexhill. Unlike many estate agents and many comparison sites we do not have referral arrangements with solicitors. A large number of agents and online brokers 'recommend' solicitors who pay the most kickback, as opposed to the best value conveyancing in Bexhill
I am thinking of appointing a conveyancing practitioner in Bexhill for my remortgage. Is it possible to review a solicitor's record with the profession’s regulator?
Anyone can search for presented Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The regulator may recorded call for training requirements.