We were just about to sign contracts for a leasehold flat in Storrington. We have hit a stumbling block. Our loan offer with Birmingham Midshires runs out on 30/10/2026 but the sellers are insisting on a completion date of 3/11/2026. Can one prolong the mortgage offer?
The best person to deal with your concern is your conveyancer who is in a position to determine if he or she is should be discussing with the mortgage company, seller’s lawyers, estate agents or indeed all parties given what has happend in your transaction to date.
I bought my flat on 9 January and my personal details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Storrington expressed confidence that it will be recorded in a couple of weeks. Are properties in Storrington particularly slow to register?
As far as conveyancing in Storrington is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can adjust depending on the party submitting the application, whether it is in order and whether the Land registry have to notify any third parties. Currently in the region of three quarters of submission are completed within two weeks but some can be subject to protracted hold-ups. Registration is effected once the buyer is living at the property so an expedited registration is not always an essential issue but if there is a degree of urgency associated with the registration then you or your solicitor should communicate with the Registry to express the reasoning for an expedited registration.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Storrington. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Storrington
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Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a leasehold apartment up to £305k and found one near me in Storrington I like with a park and railway links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Storrington for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Can you offer any advice when it comes to finding a Storrington conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Storrington conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Storrington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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How familiar is the practice with lease extension legislation?
Storrington Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Please note if it is less than eighty years it will impact the value of the apartment. It is worth checking with your mortgage company that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you will be required to have owned the premises for two years before you are eligible to exercise a lease extension. How is the lease structured? Plenty Storrington leasehold flats will be liable to pay a service charge for maintenance of the block levied by the landlord. Should you purchase the apartment you will have to pay this liability, usually quarterly throughout the year. This may vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent to be met yearly, this is usually not a large sum, say around £50-£100 but you should to enquire as on occasion it can be many hundreds of pounds.
As a tenant I am liable for a maintenance contribution for my appartment in Storrington. As a result of personal circumstances I slipped behind with payments. The management company agreed a payment plan but there remains a couple of currently outstanding.
I am under pressure to dispose of the property and I am concerned this could hold me back if I have to pay off the arrears first. I'd like to sell up and then repay the arrears from the completion monies - is this viable?
Do clarify with the lawyer conducting your Storrington conveyancing but one option may be to arrange for the outstanding amount to be passed to the purchasers. The purchase price payable would be reduced to reflect the amount of debt they take on. They could then discharge the outstanding monies following completion of the sale.