We are a couple about to sign contracts for a garden flat in Hyde. We encountered a snag. The loan offer with Coventry Building Society expires on 21/3/2025 but the sellers are putting forward a completion date of 25/3/2025. Is it possible to extend the loan offer?
The best person to deal with your question is your lawyer who will hopefully determine whether they corresponding with the mortgage company, owner’s lawyers, estate agents or indeed all parties based on the circumstances your conveyancing to date.
I require quick conveyancing in Hyde as I am faced with an ultimatum to exchange contracts inside one month. Fortunately I do not need a mortgage. Can I avoid the conveyancing searches to save money and time?
As you are are a mortgage free buyer you have the choice not to do searches although no lawyer would advise that you don't. With plenty of history conveyancing in Hyde the following are examples of what can appear and adversely affect market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
I am looking for a leasehold apartment up to £195,000 and found one near me in Hyde I like with amenity areas and transport links nearby, however it only has 61 years on the lease. I can't really find anything else in Hyde in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign 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 consult your conveyancing lawyer about this matter.
How straightforward is it to use the search facility to choose a conveyancing practitioner in Hyde on the approved list for my mortgage?
Step one is to choose a mortgage company such as Nationwide Building Society, The Mortgage Works or Godiva Mortgages Ltd then choose your preferred area a common one being Hyde. Conveyancing practices in Hyde and beyond should be listed.
Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Hyde. I need to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. In some cases a specialist may be useful to conduct investigations and to produce an expert document which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court covering Hyde.
I invested in buying a leasehold flat in Hyde, conveyancing formalities finalised in 2009. 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? Equivalent flats in Hyde with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2104
With just 79 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.