I was informed recently by my mortgage adviser that my Freshwater the law firm I have appointed is not on the mortgage company Conveyancing panel. How can I be certain if this is indeed the case?
The first thing you need to do is to contact your Freshwater lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they may recommend you to a Freshwater conveyancing practice that is on the approved list of lawyers for your lender.
We are about to exchange contracts for a semi detached house in Freshwater. We have hit a stumbling block. Our loan offer with HSBC Bank runs out on 16/6/2025 but the owners are putting forward a completion date of 18/6/2025. Can one prolong the loan offer?
The best person to address this concern is your solicitors who is in a position to calculate if they should be discussing with the mortgage company, seller’s lawyers, property agents or indeed all parties taking into account the circumstances your transaction to date.
I own a freehold property in Freshwater but still charged rent, why is this and what is this?
It is rare for properties in Freshwater and has limited impact for conveyancing in Freshwater but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I have been on the look out for a ground for flat up to £305k and found one near me in Freshwater I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Freshwater for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could request that they 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 consult your conveyancing solicitor about this.
As co-executor for the will of my aunt I am disposing of a residence in Neath but I am based in Freshwater. My solicitor (based 235 kilometers awayhas requested that I sign a stat dec prior to completion. Could you suggest a conveyancing lawyer in Freshwater who can witness and place their company stamp on the document?
strictly speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are based in Freshwater
What makes a Freshwater lease problematic?
Leasehold conveyancing in Freshwater is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
Freshwater Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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Where a Freshwater lease has less than 80 years it will have adverse implications on the marketability of the property. It is worth checking with your mortgage company that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the residence for 24 months before you are legally able to extend the lease. Make sure you enquire if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Freshwater. If you love the propertyin Freshwater however your dog can’t live with you then you will be presented with a hard choice. Its a good idea to find out as much as possible concerning the company managing the building as they will either make your life much easier or a lot more difficult. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the upkeep of the common parts. Ask other people if they are happy with their service. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the appropriate party and precisely how they are spending the funds.