About to place a bid on a leasehold apartment in Beckton. The property agents advise that it is normal for flats in Beckton to have less than 75 years left on the lease. I am getting a loan with Chelsea Building Society. Will the property be mortgageable given that the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/1/2025 the requirements read as follows :
My relative advised me that if I am buying in Beckton I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Beckton conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Beckton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Beckton Education with plans and statistics, Local Amenities and other useful information about Beckton.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Beckton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Beckton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a ground for flat up to £245,000 and found one near me in Beckton I like with open areas and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Beckton suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months 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 existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I am 3 weeks into a leasehold purchase having been referred to conveyancers by the high street agent to handle our conveyancing in Beckton. I am am very frustrated with the level of service. Could you help me find new conveyancers?
They would have to be really bad in order to consider changing them. Has the mortgage been issued? If so you will need to advise them of the new contact details and ensure the loan are issued to the new lawyers. The solicitor ideally should be on the banks panel to avoid escalating fees and delays. That should be your first question of the new conveyancers. The search tool should help you find a bank approved lawyer for your conveyancing in Beckton