About to place a bid on a leasehold apartment in Bloxham. The estate agents tell me that it is usual for flats in Bloxham to have less than 75 years left on the lease. I am obtaining a mortgage with Virgin. Will the property be mortgageable given that the lease has 70 years left.
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 6/11/2024 the requirements read as follows :
Should commercial conveyancing searches reveal planned roadworks that may impact a commercial property in Bloxham?
Its becoming the norm that commercial conveyancing solicitors in Bloxham will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Bloxham. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Bloxham.
For every commercial conveyancing transaction in Bloxham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Bloxham commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Bloxham.
How does conveyancing in Bloxham differ for new build properties?
Most buyers of new build premises in Bloxham approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Bloxham tend to purchase 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 property lawyers 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 accustomed to new build conveyancing in Bloxham or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Bloxham ahead of appointing conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks may refuse to grant a loan on this type of home.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you contact us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bloxham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bloxham to see if the conveyancing will be more expensive.
I work for a reputable estate agent office in Bloxham where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Bloxham conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Bloxham Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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Where a Bloxham lease has no more than eighty years it will impact the marketability of the property. Check with your bank that they are content with residual term of the lease. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would need to own the property for two years before you are legally able to carry out a lease extension. Many Bloxham leasehold properties will incur a service charge for the upkeep of the building levied on behalf of the landlord. Should you acquire the apartment you will have to pay this liability, usually in instalments throughout the year. This could be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge for you to pay annual, ordinarily this is not a significant amount, say about £25-£75 but you should to enquire it because on occasion it can be many hundreds of pounds. What is the yearly maintenance fee and ground rent?
Is planning permission needed to change a house into a couple of flats in Bloxham? This has been carried out to a house adjacent to a friend in Bloxham and was unaware of it happening until it was finished.
Planning Consent yes. Building Reg Approval yes.