I have 7378 less than 75 years left on my lease and require a lease extension for my flat in Waterloo. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
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. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/12/2024 the requirements read as follows :
I'm buying my first flat in Waterloo with a mortgage from TSB. The sellers would not budge the price so I negotiated 6k of extras instead. The property agent told me not reveal to my lawyer about the deal as it could put at risk my loan with TSB. Should I keep quiet?.
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.
Due to the input of my in-laws I had a survey completed on a property in Waterloo in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend refuse to issue a mortgage on such a home.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Waterloo. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a couple of weeks into a freehold purchase having been recommend to conveyancers by the selling agent to handle our conveyancing in Waterloo. I am am very dissatisfied with the level of service. Can you you assist me in finding new lawyers?
A lawyer would have to be really poor to suggest diss instructing them. Has the mortgage offer been generated? If so you must advise them of the new lawyer and ensure the loan are re-sent. Your new solicitor ideally needs to be on the lenders panel to avoid supplemental costs and complications. That should be your starting point. Our search tool will help you find a bank approved conveyancer for your home move in Waterloo
I am a negotiator for a reputable estate agent office in Waterloo where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Waterloo conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a 1st floor flat in Waterloo, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Waterloo with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease runs out on 21st October 2081
With 57 years left to run the likely cost is going to span between £28,500 and £33,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
My father-in-law mentioned that when choosing a conveyancing firm they must be approved by your mortgage company. This is my first house move but I have an AIP via Halifax and I already have a bricks and morter conveyancing lawyer in Waterloo lined up. Can Birmingham Midhshires need an approved lawyer to be instructed? Does a directory of approved firms even exist for my conveyancing in Waterloo?
You need to instruct a solicitor that is on the Birmingham Midhshires panel. Just telephone your preferred Waterloo conveyancing lawyer and ask if they are on the Birmingham Midhshires panel. If they are not approved you have a couple of options available to you here:
- Proceed with your preferred Waterloo solicitor but Birmingham Midhshires will no doubt appoint a property lawyer from their conveyancing panel. The net impact is additional cost and probable delay.
- Get a fresh lawyer to act in the purchase, making sure they are on the Birmingham Midhshires conveyancing panel.
- Appeal to your lawyer to attempt to join the bank panel.