About to place an offer on a leasehold property in Waterloo. The property agents advise that it is standard for flats in Waterloo to have less than 75 years unexpired on the lease. I am expecting a loan with Bank of Ireland. Will the property be mortgageable given that the lease has 72 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. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 30/5/2025 the requirements read as follows :
Should our solicitor be asking questions about flooding during the conveyancing in Waterloo.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Waterloo. There are those who buy a property in Waterloo, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or by their solicitors which should give them a better appreciation of the risks in Waterloo. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out if the premises has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the owner, then a purchaser could bring a legal claim for losses as a result of such an inaccurate reply. A buyer’s solicitors may also commission an environmental report. This will indicate whether there is a recorded flood risk. If so, more detailed investigations will need to be made.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Waterloo is where the house is located. What do you suggest?
Flying freeholds in Waterloo are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Waterloo you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waterloo may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My partner has suggested that I use his lawyers for conveyancing in Waterloo. Should I use them?
There are no two ways about it the ideal way to find a conveyancing lawyer is to seek guidance from friends or family who have used the conveyancer you're are thinking of instructing.
What advice can you give us when it comes to choosing a Waterloo conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Waterloo 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 talk with two or three firms including non Waterloo conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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How experienced is the firm with lease extension legislation? If they are not ALEP accredited then why not?
Waterloo Leasehold Conveyancing - Sample of Queries before Purchasing
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If a Waterloo lease has less than eighty years it will affect the marketability of the apartment. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of how much this would cost. For most Waterloolease extensions you would need to own the premises for 24 months before you are legally able to exercise a lease extension. Does this lease have more than 82 years left? For most Waterloo leaseholds the cost for major works tend not to be wrapped into the maintenance charges, albeit that some managing agents in Waterloo require leaseholders to pay into a reserve fund created for the specific intention of building a fund for major works.
My step-son is about to join the property ladder, he had his mortgage in principle. When the offer was accepted on house we contacted the mortgage company to progress the mortgage application. I was very surprised to learn that mortgage lenders do not accept all conveyancer, they must be on their panel, is this correct?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Waterloo conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.