We were just about to sign contracts for a leasehold flat in Winton. We encountered a stumbling block. The loan offer with Nottingham Building Society expires on 15/7/2025 but the sellers are insisting on a completion date of 17/7/2025. Can one extend the loan expiry date?
The person best placed to address this concern is your solicitors who will hopefully assess if they should be discussing with the lender, owner’s lawyers, selling agents or indeed all three given what has gone on in your transaction as of today.
In what way does my ID and proof of funds have anything to do with my conveyancing in Winton? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in Winton. However these days you will not be able to proceed with any conveyancing process if you have not providing proof of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are providing your driving licence as proof of identification it needs to be both the paper section and photo card part, one is not satisfactory in the absence of the other.
Evidence of your origin of monies is required under Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancer will need to have this information on record. Your Winton conveyancing solicitor will require evidence of proof of funds prior to accepting any money from you into their client account and they will also ask further queries concerning the source of funds.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Winton I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Winton suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
What is different about your site and other online quote calculators when it comes to conveyancing in Winton?
At this site receive an accurate costs illustration via a Solicitor or Licensed Conveyancer that appreciates the nuances of your conveyancing in Winton. As opposed to estate agents and many comparison sites we do not charge firms a fee if you appoint them for your conveyancing in Winton
Can you provide any advice for leasehold conveyancing in Winton from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Winton can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ lawyers. If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved. If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Organising a re-issued share certificate is often a time consuming process and slows down many a Winton conveyancing deal. If a duplicate share is needed, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Winton leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such changes. Where you fail to have the consents in place do not contact the landlord without checking with your lawyer first.
I acquired a basement flat in Winton, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Winton with an extended lease are worth £180,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2083
With just 58 years left to run we estimate the price of your lease extension to range between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
What type of premises does your Winton conveyancing quotes relate to?
The quotes provided are only relevant to standard domestic property in England & Wales. If you have any different needs for instance industrial or agricultural property or commercial conveyancing in Winton you should telephone us to discuss your requirements .