Why is leasehold purchase conveyancing in Cleator Moor costs more?
Cleator Moor leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
About to place a bid on a leasehold property in Cleator Moor. The selling agents tell me that it is normal for flats in Cleator Moor to have less than 75 years unexpired on the lease. I am expecting a mortgage with Bank of Ireland. Is this going to be a problem if the lease has 72 years unexpired.
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. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/3/2025 the requirements read as follows :
Are there restrictive covenants that are commonly identified as part of conveyancing in Cleator Moor?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Cleator Moor. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey done on a property in Cleator Moor before retaining solicitors. I have been informed that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend not issue a loan on such a property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cleator Moor. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a long established estate agent office in Cleator Moor where we have witnessed a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Cleator Moor conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
I acquired a garden flat in Cleator Moor, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Cleator Moor with a long lease are worth £176,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2105
With only 80 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Can a conveyancer remove a person from the title of my property in Cleator Moor ?
Extracting or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a property lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a lawyer