I am about to put an offer on a leasehold property in Linslade. The property agents assure me that it is the norm for flats in Linslade to have less than 75 years remaining. I am getting a loan with Tesco Bank. 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. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/12/2024 the requirements read as follows :
What does a local search tell me regarding the house we're purchasing in Linslade?
Linslade conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search is essential in every Linslade conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Linslade is the location of the property. Can you offer any assistance?
Flying freeholds in Linslade are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Linslade you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Linslade may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Given that I am about to spend £400,000 on a house in Linslade I would like to have a conversation with the conveyancer regarding thetransaction ahead of appointing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer who will be carrying out your conveyancing in Linslade.There is no ‘factory style conveyancing’ - each client is an important person, not a file number. The solicitors that we put you in touch with believe that the fees you are provided with for residential conveyancing in Linslade should be the figure that you are charged.
My uncle has suggested that I instruct his lawyers for conveyancing in Linslade. Should I use them?
There are no two ways about it the best way to choose a conveyancing solicitor is to have recommendations from friends or relatives who have previously instructed the firm that you are considering.
We are purchasing a three room first floor flatin Linslade with a mortgage from a bank. We would like to retain our conveyancer in Linslade but our lender advise she’s not listed on their "panel". It seems we have little choice but to instruct from the our bank panel solicitors or stay with our Linslade solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that our bank use our Linslade lawyer?
Unfortunately,no. The mortgage company mortgage issued is subject to conditions, one of which will be that lawyers will on the lender's conveyancing panel. Until recently, most banks had open panels, including many conveyancing solicitors in Linslade : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your bank.