I am about to put a bid on a leasehold apartment in Fenham. The property agents say that it is normal for flats in Fenham to have less than 75 years left on the lease. I am getting a loan with Tesco Bank. Will the property be mortgageable given that the lease has 70 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. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/12/2024 the requirements read as follows :

Will my conveyancer be asking questions about flooding during the conveyancing in Fenham.

Flooding is a growing risk for solicitors dealing with homes in Fenham. There are those who buy a house in Fenham, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.

Solicitors are not best placed to give advice on flood risk, however there are a various searches that may be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Fenham. The conventional set of property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to determine if the property has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the seller, then a purchaser may commence a legal claim for losses stemming from an misleading reply. The purchaser’s solicitors should also carry out an environmental report. This should reveal whether there is any known flood risk. If so, more detailed inquiries should be made.

What does commercial conveyancing in Fenham cover?

Fenham conveyancing for business premises covers a wide range of guidance, provided by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.

I am using a search engine for the words on line conveyancing in Fenham it shows results of many property lawyerslocally. With so much choice what is the best way to find the right property lawyer for my move?

The preferential method of finding the right conveyancer is via personal testimonial, so seek the counsel of friends and relatives who have acquired a property in Fenham or the respected estate agent or mortgage broker. Costs for conveyancing in Fenham vary, so it's advisable to obtain at least three quotes from different property lawyers. Be sure to obtain confirmation what costs in the quote includes.

I am tempted by the attractive purchase price for a two maisonettes in Fenham both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Fenham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Fenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Fenham Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying

It would be sensible to discover as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. Don't be shy to ask other people what they think of their service. Finally, find out the dates that the maintenance charges are due to the managing agents and precisely what you get for your money. Is the freehold owned jointly by the leaseholders? Who takes responsibility for maintaining and repairing the building?