We were just about to exchange contracts for a ground floor flat in Marford. We have hit a problem. Our loan offer with Chelsea Building Society runs out on 1/4/2025 but the owners are suggesting a completion date of 3/4/2025. Is it possible to extend the loan expiry date?

The person best placed to deal with your issue is your lawyer who should assess if they should be discussing with the bank, owner’s lawyers, selling agents or conceivably all three given what has happend in your conveyancing to date.

We see that you have a post code search directory listing solicitors on the Virgin Money conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in Marford?

We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Marford.

I am looking to buy a flat and need a conveyancing solicitor in Marford who is on the Bank of Ireland approved. Can you recommend a local conveyancing firm?

Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Ireland in certain locations such as Marford. We dont recommend any particular firm.

I work for a reputable estate agent office in Marford where we see a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Marford conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Leasehold Conveyancing in Marford - A selection of Questions you should ask before buying

Who manages the building? If a Marford lease has less than 80 years it will affect the value of the flat. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering what this will be. For most Marfordlease extensions you will need to own the premises for 24 months before you are entitled to exercise a lease extension. You should want to find out as much as possible regarding the managing agents as they can either make living at the property much simpler or a lot more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the common parts. Enquire of prospective neighbours if they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely what it includes.

We are midway through purchasing a property in Marford. Conveyancing lawyer has told us the property is "Leasehold". Does this make a difference on the salability of the house?

Marford conveyancing does not usually involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's virtually freehold, so it’s unlikely to impact the marketability significantly.

On the flip side, if it's, say, 50 years it is bound to have a significant impact on the value, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your lawyer.