We are a couple about to exchange contracts for a garden flat in Chessington. We encountered a problem. Our loan offer with Virgin Money expires on 30/12/2025 but the sellers are putting forward a completion date of 2/1/2026. Is it possible to extend the mortgage expiry date?
The person best placed to deal with your concern is your lawyer who is in a position to determine if they better off negotiating with the lender, seller’s conveyancers, property agents or indeed all parties based on the history of your house move as of today.
Is there a reason why leasehold purchase conveyancing in Chessington is more expensive?
Chessington leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My bank has recommended solicitors on their panel based in Chessington but I would rather choose a conveyancing lawyer in Chessington or nearer to where I live. Are you able to help?
Far from all Chessington conveyancing practices are listed all lender’s conveyancing panel. Do make use of the above find an approved solicitor tool to choose a Chessington conveyancing solicitor on the on the mortgage company panel.
Will our conveyancer be raising questions concerning flooding as part of the conveyancing in Chessington.
The risk of flooding is if increasing concern for solicitors dealing with homes in Chessington. Some people will acquire a house in Chessington, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a numerous searches that may be initiated by the buyer or by their conveyancers which can figure out the risks in Chessington. The standard completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the owner to find out whether the property has ever been flooded. If flooding has previously occurred and is not disclosed by the vendor, then a buyer could bring a compensation claim resulting from an inaccurate response. A buyer’s conveyancers should also carry out an enviro search. This will higlight if there is a recorded flood risk. If so, additional inquiries should be made.
How does conveyancing in Chessington differ for newly converted properties?
Most buyers of new build property in Chessington contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Chessington 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 accustomed to new build conveyancing in Chessington or who has acted in the same development.
I work for a reputable estate agency in Chessington where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Chessington conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
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.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Chessington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Chessington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Chessington residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.