My solicitor has discovered a defect with the lease for the apartment we are purchasing in Bosham. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
About to place an offer on a leasehold apartment in Bosham. The property agents tell me that it is standard for flats in Bosham to have less than 75 years unexpired on the lease. I am expecting a mortgage with Platform. Will the property be mortgageable given that the lease has 69 years unexpired.
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. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/10/2025 the requirements read as follows :
How does conveyancing in Bosham differ for newly converted properties?
Most buyers of new build property in Bosham come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Bosham typically acquire 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 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 Bosham or who has acted in the same development.
I decided to have a survey carried out on a house in Bosham before retaining lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks may refuse to give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bosham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bosham to see if the conveyancing costs will increase in light of this.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Bosham and how can your lawyers assist?
The 1954 Act affords security of tenure to commercial lessees, granting the a statutory right to apply to court for a renewal tenancy and remain in occupation at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Bosham
Please specify the differing property related services that Bosham conveyancing firms deal with?
The majority of Bosham conveyancing firms will carry out a number of services to domestic and agricultural land proprietors, sellers, purchasers, landlords and leaseholders including the following:
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Home sale conveyancing in Bosham or nationally
Private residential purchase conveyancing in Bosham and countrywide
Attending to first registration Advising squatters about their rights to lawfully acquire property by way of adverse possession Islamic mortgage transactions Estate Conveyancing