I have given 8 weeks notice to my current landlord and have to be out of my let out property in Moorgate by 10/4/2025. Conveyancing on my purchase has just started. How realistic is it to complete in a couple of weeks as don't want to have to move into short term accommodation?
The normal practice is not to serve notice for your lease until exchange of contracts has taken place. Assuming that you have not previously done so, update to your lawyer and request that they seek the assistance the owners lawyers, try to an acceptable time-line that all parties will work towards
Please help - my lawyer says that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Moorgate?
The appropriate level of lack of right of way indemnity insurance should be dictated by who your lender. It would differ for example between Lloyds TSB Bank and Coventry Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I currently have a mortgage with HSBC for my property in Moorgate. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval in advance of renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel lawyer.
After shopping around on the internet I have found a Moorgate solicitor having made sure that they are on the Barclays conveyancing panel. Does my lawyer arrange the survey of the property?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Moorgate surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Moorgate differ for newly converted properties?
Most buyers of new build residence in Moorgate approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Moorgate typically purchase 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 conveyancers 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 Moorgate or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Moorgate I like with a park and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Moorgate for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Can you provide any advice for leasehold conveyancing in Moorgate with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Moorgate can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors. Some Moorgate leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. The majority of freeholders or managing agents in Moorgate levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Moorgate. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
I have had difficulty in negotiating a lease extension in Moorgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Moorgate premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The unexpired term as at the valuation date was 72.39 years.
Should I cancel my mortgage payments with Coventry BS once a completion date for my sale in Moorgate has been set?
You are best advised to keep meeting any mortgage payments to Coventry BS until the mortgage is repaid on completion as part of your Moorgate conveyancing.