We are a couple about to exchange contracts for a semi detached house in Buckhurst Hill. We have hit a stumbling block. Our mortgage offer with Accord Mortgages Ltd runs out on 13/2/2025 but the vendors are suggesting a completion date of 17/2/2025. Can one prolong the mortgage offer?
The best person to deal with your concern is your lawyer who should calculate whether they corresponding with the mortgage company, owner’s representatives, selling agents or conceivably all three taking into account the history of your house move as of today.
I am about to put a bid on a leasehold apartment in Buckhurst Hill. The selling agents say that it is the norm for flats in Buckhurst Hill to have less than 75 years remaining. I am getting a loan with Chelsea Building Society. Is this going to be a problem if the lease has Seventy One 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. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/12/2024 the requirements read as follows :
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Buckhurst Hill I like with a park and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Buckhurst Hill in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I was pointed in your direction by a couple of local selling agents in Buckhurst Hill to select a solicitor using your seach tool. Is there a financial upside for Estate Agents to promote your services rather than another?
We don’t make any commission for directing people in our direction. We found it would be just too difficult a fee because a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My husband and I are first time buyers - had an offer accepted, yet the selling agent has warned us that the seller will only go ahead if we instruct their chosen lawyers as they want an ‘expedited deal’. We would rather use a local conveyancer who is accustomed to conveyancing in Buckhurst Hill
It is unlikely the owners are behind this. Should the seller desire ‘a quick sale', alienating a genuine purchaser is counter productive. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Buckhurst Hill conveyancing solicitors - not the ones that will give the estate agent a introducer fee or achieve conveyancing targets demanded by HQ.
If all goes to plan we aim to complete the sale of our £300,000 flat in Buckhurst Hill next week. The freeholder has quoted £408 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Buckhurst Hill?
For the majority of leasehold sales in Buckhurst Hill conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-contract enquiries
Where consent is required before sale in Buckhurst Hill
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Buckhurst Hill. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Buckhurst Hill conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Buckhurst Hill residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The unexpired term was 69.26 years.