Can you explain why leasehold purchase conveyancing in Saltdean costs more?
Saltdean leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
About to place a bid on a leasehold property in Saltdean. The estate agents advise that it is usual for flats in Saltdean to have less than 75 years remaining. I am getting a mortgage with Bank of Ireland. Is this going to be acceptable if the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 3/11/2025 the requirements read as follows :
I'm purchasing a new build house in Saltdean with a mortgage from Norwich and Peterborough Building Society. The builders would not move on the amount so I negotiated £7000 of extras instead. The property agent suggested that I not disclose to my lawyer about the deal as it could affect my loan with Norwich and Peterborough Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Saltdean I like with amenity areas and station in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Saltdean in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign 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 lawyer concerning this.
I have been advised by numerous property agents in Saltdean to get a quote from a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to promote your services over another?
We refuse to offer any referral fee for directing people 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 am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are disposing of a Saltdean bungalow we inherited 5 years ago in 2012. I have over a decades worth of conveyancing experience and, now retired, see no reason not to do my own legal work. The purchaser's solicitor has informed me that their mortgage company will not allow you to do your own conveyancing insisting the funds to be passed via a solicitor's bank account.
Mortgage instructions to property lawyers from all mainstream lenders state that If the seller does not have legal representation the purchaser’s lawyers should check whether the mortgage company needs to be informed so that a decision can be reached as to whether they are willing to move forward.