We are about to exchange contracts for a freehold house in Heath. We encountered a problem. The loan offer with TSB expires on 21/2/2025 but the vendors are insisting on a completion date of 25/2/2025. Is it possible to extend the loan offer?

The person best placed to deal with your question is your solicitors who will calculate whether they corresponding with the mortgage broker, owner’s conveyancers, property agents or conceivably all three given the circumstances your conveyancing to date.

Is there a reason why leasehold purchase conveyancing in Heath is more expensive?

In short, leasehold conveyancing in Heath and Cardiff usually necessitates additional hours of investigation compared to freehold transactions. This includes checking the lease terms, communicating with the landlord about the service of applicable notices, obtaining up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.

I decided to have a survey carried out on a property in Heath in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies tend not give a mortgage on a flying freehold premises.

It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Heath. Conveyancing may be slightly more expensive based on your lender's requirements.

Is it possible to transfer to a new solicitor as I have to select a firm on the Leeds Building Society conveyancing list. I was using a high street conveyancing solicitor in Heath five minutes from me but the firm is not approved by Leeds Building Society

We will our best to assist in finding you a conveyancing solicitor in Heath on the Leeds Building Society panel. Please note that the conveyancers that we on the directory do not pay us fee if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Heath. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Heath.

I am looking at a two maisonettes in Heath both have approximately forty five years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Heath is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. 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 Heath 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I inherited a basement flat in Heath, 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? Equivalent properties in Heath with over 90 years remaining are worth £181,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2075

With just 51 years remaining on your lease the likely cost is going to be between £30,400 and £35,200 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.