We were just about to sign contracts for a ground floor flat in Oval. We encountered a stumbling block. The mortgage offer with Skipton Building Society runs out on 1/8/2025 but the owners are putting forward a completion date of 5/8/2025. Is it possible to prolong the mortgage expiry date?
The best person to deal with your concern is your solicitors who will determine if they should be discussing with the bank, seller’s conveyancers, estate agents or conceivably all three based on the circumstances your transaction as of today.
My lender has recommended solicitors on their panel based in Oval but I would rather use a conveyancing lawyer in Oval or nearer to where I live. Are you able to help?
The minority of Oval conveyancing practices are listed all banks conveyancing panel. Use our search tool to choose a Oval conveyancing solicitor on the on the mortgage company panel.
I purchased a semi-detached Edwardian property in Oval. Conveyancing lawyer represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the matching property. Is it worth asking Nationwide Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Oval and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the conveyancing.
Due to the guidance of my in-laws I had a survey completed on a property in Oval prior to appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some banks may not give a loan on such a premises.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. If you e-mail us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Oval. Conveyancing may be slightly more expensive based on your lender's requirements.
I was advised by numerous estate agents in Oval to locate a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to market your services ahead of alternative conveyancing organisations?
We don’t give any referral fee for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am employed by a busy estate agent office in Oval where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Oval conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a first flat in Oval. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Absolutely. We are happy to put you in touch with a Oval conveyancing firm who can help.
An example of a Lease Extension case for a Oval property is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case related to 1 flat. The unexpired lease term was 74.77 years.