We were just about to sign contracts for a leasehold flat in Coventry. We encountered a stumbling block. The loan offer with Skipton Building Society expires on 26/8/2025 but the vendors are suggesting a completion date of 28/8/2025. Is it possible to prolong the mortgage offer?
The best person to deal with your question is your lawyer who will hopefully calculate if they better off negotiating with the lender, vendor’s solicitors, property agents or possibly all parties given the circumstances your conveyancing as of today.
My grandfather passed away last year and as sole heir and executor I was left the property in Coventry. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Yorkshire BS will insist on your using a conveyancer on the Yorkshire BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Yorkshire BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Yorkshire BS mortgage is registered as a charge at the Land Registry.
There is lots of information on this site about conveyancing in Coventry but what is your top tip for finding the right conveyancer in Coventry
It would be unwise to be seduced by the cheapest Coventry conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I just bought a house at auction in Coventry. Conveyancing is necessary. What happens now?
Given that you are now exchanged you should hire the services of a conveyancing practitioner soon as you are faced with a fast approaching deadline in which to complete the transaction. Every auction property should have a bespoke auction pack. This will likely include evidence of title and search results. Where you are dealing with leasehold property the legal pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You need to pass this on to the solicitor working for you as soon as possible. Do make sure that your finances are in order to complete on the date specified in the contract.
At last I have had an offer on a flat in Coventry accepted, the sellers do however have an associated purchase. The owners have offered on a property, but it’s not yet agreed to, and have viewings of other properties booked. I have instructed a local conveyancing solicitor in Coventry. What do I do now? When should I get the mortgage application with Nottingham going?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then survey, Coventry conveyancing search charges, etc). The first course of action is to ensure that your solicitor is on the Nottingham conveyancing panel. Concerning the next phase this very much depends on the specifics of your case, desire for the property and on the state of the market. During a buoyant market many home buyers will apply for the mortgage with Nottingham and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to move forward with the conveyancing in Coventry.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Coventry. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Coventry
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are architect prepared.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Coventry I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Coventry in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I have recently realised that I have Fifty years left on my flat in Coventry. I am keen to extend my lease but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to track down the freeholder. In some cases an enquiry agent should be useful to carry out a search and prepare an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Coventry.
I invested in buying a studio flat in Coventry, conveyancing was carried out 10 years ago. How much will my lease extension cost? Similar properties in Coventry with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2094
With only 69 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.