We are a couple about to exchange contracts for a freehold house in Stevenage. We have hit a problem. The loan offer with Nottingham Building Society expires on 11/6/2026 but the sellers are insisting on a completion date of 15/6/2026. Can one extend the mortgage offer?
The person best placed to address this issue is your solicitors who will assess whether he or she is should be discussing with the mortgage company, owner’s solicitors, estate agents or possibly all three based on the history of your conveyancing as of today.
I purchased a freehold residence in Stevenage yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Stevenage and has limited impact for conveyancing in Stevenage but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Two weeks ago we had a mortgage agreed in principle with RBS. Stevenage conveyancing solicitors have been appointed. How long does it take for RBS to issue the offer to the property lawyer?
Some lenders take longer than others. Have RBS completed the valuation? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am expecting a DIP from Bank of Ireland this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Stevenage solicitors on the Bank of Ireland conveyancing panel, or is it better to go independently?
You will need to appoint Stevenage solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Stevenage building society branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Stevenage conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the solicitor is on the bank approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
What can a local search reveal regarding the house I am purchasing in Stevenage?
Stevenage conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search is essential in every Stevenage conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I'm buying a new build house in Stevenage with a mortgage from Lloyds TSB Bank. The developers refused to reduce the amount so I negotiated £7000 of extras instead. The property agent advised me not inform my solicitor about this extras as it will adversely affect my loan with Lloyds TSB Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Looking forward to sign contracts shortly on a leasehold property in Stevenage. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Stevenage should include some of the following:
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What remedies are open the freeholder should you have contravened the provisions of the lease? Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? specifics of the parties to the lease, for example these could be the lessee, head lessor, landlord What you can do if a neighbour breaches a clause of their lease? Rent payments - what is due and when is collected, and also know whether this is subject to change
I bought a leasehold flat in Stevenage, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Stevenage with an extended lease are worth £197,000. The ground rent is £55 per annum. The lease terminates on 21st October 2081
With 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.