We are about to exchange contracts for a garden flat in Fratton and Portsea. We have hit a snag. Our mortgage offer with Accord Mortgages Ltd runs out on 28/1/2026 but the vendors are suggesting a completion date of 30/1/2026. Can one extend the mortgage offer?
The best person to address this question is your lawyer who is in a position to determine whether he or she is should be discussing with the mortgage broker, vendor’s lawyers, selling agents or indeed all three based on the history of your transaction as of today.
I currently have a mortgage with Co-operative for my property in Fratton and Portsea. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval prior to letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel solicitor.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Fratton and Portsea bank branch on various occasions and was told they are content with the situation and they will lend. My Fratton and Portsea conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
The conveyancing practitioner must comply with the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Intending to buy a house in Fratton and Portsea. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Fratton and Portsea conveyancer is on the Bank of Ireland conveyancing panel.
Me and my brother have a terraced Edwardian house in Fratton and Portsea. Conveyancing practitioner represented me and National Westminster Bank. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Fratton and Portsea and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who carried out the work.
Taking into account that I am about to spend hundreds of thousands of pounds on a two bedroom apartment in Fratton and Portsea I wish to have a conversation with the lawyer regarding thehouse move before appointing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor who will be doing your conveyancing in Fratton and Portsea.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter reference. The solicitors that we put you in touch with believe that the fees you are provided with for residential conveyancing in Fratton and Portsea should be the figure that you end up paying.
I am attracted to a couple of apartments in Fratton and Portsea both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
I purchased a leasehold flat in Fratton and Portsea, conveyancing having been completed 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Fratton and Portsea with an extended lease are worth £190,000. The ground rent is £65 yearly. The lease runs out on 21st October 2086
With just 61 years unexpired the likely cost is going to span between £18,100 and £20,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. 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. You should not take any other action based on this information before getting professional advice.
I am due to assess quotes for conveyancing in Fratton and Portsea from various conveyancer and choose one. Do I instruct them to hold tight until I I have an offer accepted on a flat.
We suggest that you only request your conveyancer to commence work and order searches once the offer has been agreed to on the property particularly as Fratton and Portsea conveyancing searches are a couple of hundred pounds.