I have 70 years remaining on my lease and require a lease extension for my apartment in Luton. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/1/2025 the requirements read as follows :
How does conveyancing in Luton differ for newly converted properties?
Most buyers of new build or newly converted property in Luton approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Luton typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Luton or who has acted in the same development.
I am looking for a leasehold apartment up to £195,000 and found one near me in Luton I like with a park and railway links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Luton for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may 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 lawyer regarding this.
I have been advised by numerous property agents in Luton to choose a solicitor using your seach tool. What’s the financial incentive for Estate Agents to market your lawyers ahead of another?
We don’t give any referral fee for sending work to this site. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Can you offer any advice when it comes to choosing a Luton conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Luton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Luton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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Can they put you in touch with clients in Luton who can give a testimonial? How many lease extensions has the firm completed in Luton in the last twenty four months?
Luton Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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Where a Luton lease has fewer than 80 years it will affect the salability of the apartment. It is worth checking with your mortgage company that they are content with the length of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you would need to own the residence for two years in order to be legally able to exercise a lease extension. For most Luton leaseholds the outlay for major works are not included within maintenance charges, although there some managing agents in Luton ask tenants to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance.
Can a conveyancer remove a name from the title of my home in Luton ?
Extracting or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a property lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer