We are a couple about to exchange contracts for a leasehold flat in Cottesmore. We encountered a snag. The mortgage offer with Platform Home Loans Ltd runs out on 22/9/2025 but the owners are insisting on a completion date of 24/9/2025. Can one extend the loan offer?
The person best placed to deal with your issue is your conveyancer who is in a position to determine whether they better off negotiating with the mortgage company, owner’s conveyancers, selling agents or conceivably all three based on the circumstances your house move to date.
I own a 4 bedroom Victorian property in Cottesmore. Conveyancing lawyer acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Lloyds TSB Bank to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cottesmore and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing lawyer who completed the work.
I am looking for a ground for flat up to £235,500 and identified one round the corner in Cottesmore I like with open areas and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Cottesmore suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
In what way does the Landlord & Tenant Act 1954 affect my business offices in Cottesmore and how can your lawyers assist?
The particular law that you refer to affords security of tenure to commercial lessees, giving them the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Cottesmore is one of the numerous locations in which our lawyers have offices
As co-executor for the estate of my grandfather I am selling a property in Newport but reside in Cottesmore. My conveyancer (who is 235 kilometers from meneeds me to execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing lawyer in Cottesmore who can attest this legal document for me?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are based in Cottesmore
What are the common problems that you see in leases for Cottesmore properties?
Leasehold conveyancing in Cottesmore is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain elements of the property
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
Cottesmore Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
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Who are the managing agents? Make sure you find out if there are any onerous prohibitions in the lease. For example it is very common in Cottesmore leases that pets are not allowed in in a block in Cottesmore. If you love the propertyin Cottesmore however your cat can’t move with you then you have a very hard determination. The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders benefit from control and even though a managing agent is often retained if it is larger than a house conversion, the managing agent employed by the leaseholders.