I am about to put an offer on a leasehold property in Locksbottom. The selling agents say that it is usual for flats in Locksbottom to have less than 75 years unexpired on the lease. I am taking out a mortgage with Platform. Is this going to be acceptable if the lease has 70 years to go.
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. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/1/2025 the requirements read as follows :
I require quick conveyancing in Locksbottom as I am faced with a deadline to sign on the dotted line in less than 4 weeks. Fortunately I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not taking a home loan you have the choice not to do searches although no solicitor would advise that you don't. With lots of history conveyancing in Locksbottom the following are examples of issues that can show up and adversely impact future mortgageability: Enforcement Notices, Overdue Fees, Outstanding Grants, Railway Schemes,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Locksbottom?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Locksbottom. 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 decided to have a survey completed on a property in Locksbottom ahead of instructing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some lenders will refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Locksbottom. Conveyancing may be slightly more expensive based on your lender's requirements.
We are soon to complete buying a house in Locksbottom but as a result of wreckage from the recent storms I have negotiated recompense from the owner of four thousand pounds taking the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process but the lender will not permit this. Should they have been notified?
Any property lawyer being on a bank conveyancing panel is obliged to advise the lender of any amendments to the purchase figure. In the event that you were to refuse your solicitor to notify the price change to your lender then they would have to refrain from acting for you and the bank.