We are about to exchange contracts for a freehold house in Sprotbrough. We have hit a snag. Our mortgage offer with HSBC Bank expires on 22/9/2025 but the vendors are suggesting a completion date of 24/9/2025. Is it possible to extend the loan offer?
The best person to deal with your question is your lawyer who will hopefully assess whether he or she is should be discussing with the mortgage company, owner’s representatives, selling agents or possibly all three given the circumstances your transaction as of today.
Having sold my house in Sprotbrough last December yet the purchaser is telephoning every few hours to moan that his lawyer is waiting to hear from myconveyancer. What should my lawyer have done now that I have sold?
Following your house sale your conveyancer should send the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. Depending on the transaction, your solicitor must also evidence that the mortgage has been repaid to the purchasers conveyancers. There is unlikely to be post completion requirements specific conveyancing in Sprotbrough.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Sprotbrough I like with open areas and railway links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Sprotbrough in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
In what way does the Landlord & Tenant Act 1954 impact my commercial offices in Sprotbrough and how can you help?
The 1954 Act provides security of tenure to commercial tenants, giving them the right to apply to court for a new lease and continue in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Sprotbrough is one of our numerous areas of the UK in which the firms we work with are located
When it comes to leasehold conveyancing in Sprotbrough what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Sprotbrough. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain parts of the property Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I acquired a 2 bed flat in Sprotbrough, conveyancing was carried out October 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Sprotbrough with a long lease are worth £265,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2100
With just 75 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
I own a leasehold flat in Sprotbrough. Conveyancing was finished in 2011. I have heard that I should not let the lease length get too low. Why is that a problem?
Sprotbrough leasehold properties are for a set period - often 99 years when they started. However a significant flats in Sprotbrough were constructed or converted in the 70’s80’s and so these leases now have less than eighty years unexpired. That may seem like a long time however Banks, Building Societies and other mortgage lenders tend to require leases to have a minimum of seventy five years unexpired to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are nearing 75 years. To increase the marketability of your property you should be considering whether or not to extend your lease long before you come to sell it. You should note that there are advantages to doing so before the lease reaches even eighty years as when the lease falls below eighty years the amount to be paid to extend starts to get a lot more expensive.