My husband and I are purchasing a 3 bedroom flat in Upminster Bridge with a mortgage. We wish to retain our Upminster Bridge lawyer, however the lender advise she’s not on their "panel". It appears that we have little choice but to use one of the mortgage company panel firms or continue with our Upminster Bridge conveyancing practitioner and pay for one of their panel firms to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Upminster Bridge conveyancing lawyer to apply to be on the conveyancing panel.
The sellers of the home we are purchasing hired a conveyancing solicitor in Upminster Bridge who has suggested a preliminary agreement with a payment 6,000. Are such agreements appropriate for Upminster Bridge conveyancing transactions?
Lock out agreements are agreements binding a property seller and purchaser giving the buyer exclusive rights to the sale of the premises for a certain period of time. For all intents and purposes, a lock out is a document stating that you will receive a contract at a later time which is the contract for the actual sale. It tends to be used for buyer confidence though in some cases, the owner may enjoy an upside from such agreements as well. There are many pros and cons to using an agreement but you should to check with your lawyer but beware that it may result in incurring extra in conveyancing fees. For these reasons these agreements are not popular in relation to conveyancing in Upminster Bridge.
I am about to put a bid on a leasehold flat in Upminster Bridge. The selling agents tell me that it is normal for flats in Upminster Bridge to have less than 75 years left on the lease. I am expecting a loan with Accord Mortgages. 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 obtaining a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 12/12/2024 the requirements read as follows :
My wife and I have a renovated Edwardian property in Upminster Bridge. Conveyancing practitioner acted for me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the exact same property. Is it worth asking National Westminster Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Upminster Bridge and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing solicitor who conducted the purchase.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Upminster Bridge I like with a park and station nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Upminster Bridge for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Upminster Bridge. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Upminster Bridge are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Upminster Bridge in which case you should be looking for a Upminster Bridge conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.
We have reached the end of our tether in trying to purchase the freehold in Upminster Bridge. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Upminster Bridge conveyancing firm who can help.
An example of a Lease Extension case for a Upminster Bridge flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired lease term was 57.5 years.