I am about to put a bid on a leasehold flat in Crowland. The property agents say that it is normal for flats in Crowland to have less than 75 years remaining. I am obtaining a loan with Accord Mortgages. Will the property be mortgageable given that the lease has 70 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/9/2025 the requirements read as follows :
Is it the case that all Crowland CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing list of approved firms?
A selection of lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
When it comes to lenders such as Clydesdale, do Crowland conveyancers incur a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
How can we tell if a Crowland conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Crowland obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor carrying out your transaction.
I am looking for a flat up to £245,000 and identified one round the corner in Crowland I like with open areas and transport links nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Crowland for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years 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 owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
What tools are available to identify a Crowland law firm on the Lloyds TSB Bank conveyancing panel? I drive a motor bike and am willing to travel upto 20miles to meet the solicitor.
You can use the search on this website. Please pick a lender and your location and you will see a number of Crowland conveyancing lawyers locally. We have listed some Crowland conveyancing firms towards the end of this page and you can ring them to verify whether they are on the Lloyds TSB Bank panel
My cousin has recommend that I appoint his lawyers for conveyancing in Crowland. Do I follow his advice?
Much as we are happy to recommend a Crowland conveyancing lawyer it’s preferable to select a conveyancing practitioner is to get guidance from friends or family who have actually previously instructed the firm that you are contemplating using.
I am attracted to a two apartments in Crowland both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Leasehold Conveyancing in Crowland - Examples of Queries before Purchasing
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The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and although a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. The majority of Crowland leasehold apartments will have a service charge for maintenance of the building invoiced on behalf of the management company. If you buy the flat you will have to meet this liability, usually in instalments during the year. This could vary from a few hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay annual, normally this is not a exorbitant figure, say approximately £50-£100 but you need to check it because sometimes it can be surprisingly expensive. Are there any major works on the horizon that will add a premium to the maintenance charges?