I have just been advised by my IFA that my Long Stratton property lawyer is not on the mortgage company Conveyancing panel. What can I do to be sure whether this is correct?
The sensible course of action for you to take is to call your Long Stratton conveyancer. You lawyer should notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
We are a couple about to exchange contracts for a property in Long Stratton. We have hit a stumbling block. Our loan offer with Aldermore expires on 1/10/2025 but the sellers are suggesting a completion date of 3/10/2025. Is it possible to extend the mortgage expiry date?
The person best placed to address this concern is your solicitors who will hopefully determine whether they should be discussing with the mortgage company, owner’s conveyancers, estate agents or conceivably all three given the circumstances your house move as of today.
Our mortgage company has recommended solicitors on their panel based in Long Stratton but I would rather instruct a conveyancing lawyer in Long Stratton round the corner to me. Can you help?
The minority of Long Stratton conveyancing practices are approved and listed on all lender’s conveyancing panel. Use our search tool to locate a Long Stratton conveyancing conveyancer on the on the lender panel.
My relative recommended that where I am buying in Long Stratton I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Long Stratton conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Long Stratton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Long Stratton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning Long Stratton.
I am looking at a two flats in Long Stratton which have in the region of fifty years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Long Stratton is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Long Stratton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a garden flat in Long Stratton, conveyancing was carried out December 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Long Stratton with a long lease are worth £202,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2082
With just 57 years unexpired the likely cost is going to span between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Myself and my partner have just had an offer accepted on a apartment and had meeting on Friday with HSBC for the mortgage. They warned us that when it comes to appointing a solicitor that if they are not on their approved list of property lawyers then we will be subject to an an additional fee of £250+. This is because they would then have to appoint a property lawyer to act on their behalf as well as the one we select on our behalf and we will be on the hook for their costs. I have requested HSBC to furnish me with a list so I can obtain estimates only from their approved conveyancers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You should ask HSBC what their criteria for joining their panel is for a conveyancer.Thereafter ask the conveyancing practitioner of your choice whether they fit that criteria and have they acted on loans for HSBC historically. If the answer to those is yes, then just clarify this with HSBC. Another option is to utilise our search tool and we should be able to find you a conveyancer in Long Stratton on the approved list for HSBC.