About to place a bid on a leasehold apartment in Rolleston On Dove. The estate agents tell me that it is standard for flats in Rolleston On Dove to have less than 75 years left on the lease. I am obtaining a loan with Virgin. Will the property be mortgageable given that the lease has 69 years unexpired.
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 18/2/2025 the requirements read as follows :
Are all Rolleston On Dove Conveyancing Quality Solicitors on the Kent Reliance conveyancing list of approved practices?
A selection of lenders now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Is there a list of RBS panel conveyancers in Rolleston On Dove on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lenders make their panel listings viewable online. If you are looking for a Rolleston On Dove property lawyer on the RBS please use our facility.
I recently had an offer accepted on a house in Rolleston On Dove. My financial adviser pressured me to appoint their conveyancing practitioner. I paid an on account payment of £150. Not long after, the solicitor called me to say that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Have completed on a a terraced house in Rolleston On Dove , What is the estimated time for the Land Registry to register the transfer to my name? My Rolleston On Dove conveyancing solicitor works at snail pace, so I want to check that my ownership is registered.
As far as conveyancing in Rolleston On Dove registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can differ according to the party submitting the application, whether there are errors and if the Land registry communicate with any 3rd parties. At present approximately 80% of submission are completed in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place after the purchaser has moved in to the premises so post completion formalities is not usually top priority but if there is a degree of urgency associated with the registration then you or your solicitor should contact the land registry and explain the circumstances.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Rolleston On Dove I like with amenity areas and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Rolleston On Dove 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 problematic. Reduce the offer 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 could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Should I use a Rolleston On Dove conveyancing solicitor who is local to the property I am hoping to buy? An old friend can conduct the conveyancing however they are based over three hundred miles drive away.
The primary upside of using a high street Rolleston On Dove conveyancing practice is that you can visit the firm to sign paperwork, present your identification documents and pester them where appropriate. Having local Rolleston On Dove know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and they were content that should surpass using an unknown Rolleston On Dove conveyancing lawyer just because they are Rolleston On Dove based.
I've recently bought a leasehold house in Rolleston On Dove. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a basement flat in Rolleston On Dove, conveyancing was carried out June 2011. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Rolleston On Dove with an extended lease are worth £216,000. The ground rent is £50 yearly. The lease expires on 21st October 2094
With 69 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.