We were just about to exchange contracts for a freehold house in Hanworth. We have hit a stumbling block. Our loan offer with Bank of Scotland runs out on 24/9/2026 but the sellers are putting forward a completion date of 28/9/2026. Can one prolong the mortgage expiry date?
The best person to address this question is your solicitors who will assess if they better off negotiating with the bank, vendor’s solicitors, selling agents or indeed all three taking into account the history of your transaction as of today.
Why is leasehold purchase conveyancing in Hanworth is more expensive?
Hanworth leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My aunt passed away last year and as sole heir and executor I was left the property in Hanworth. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
If you plan to refinance then Aldermore will require that you use a conveyancer on the Aldermore 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 Aldermore 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 Aldermore mortgage is registered as a charge at the Land Registry.
I'm buying my first flat in Hanworth with a loan from Aldermore. The builders would not reduce the price so I negotiated 6k of additionals instead. The sale representative advised me not reveal to my solicitor about the side-deal as it could jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Hanworth. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Hanworth conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Hanworth premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term was 82.93 years.
What makes a Hanworth lease unmortgageable?
There is nothing unique about leasehold conveyancing in Hanworth. Most leases are drafted differently and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
What if there is an issue with the searches conducted as part of my conveyancing in Hanworth?
Normally, the majority of concerns arising from Hanworth conveyancing search results can be dealt with in advance of completion or indemnity insurance could possibly be obtained. You should note that although you are purchasing the property and may be willing to accept the search results, your mortgage lender may not, and when all said and done they have the word say.