I have 71 years unexpired on my lease and need a lease extension for my flat in Shillington. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions right?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/11/2024 the requirements read as follows :

My wife and I have a renovated Victorian house in Shillington. Conveyancing practitioner acted for me and Alliance & Leicester . I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold with the matching property. Is it worth asking Alliance & Leicester to clarify?

You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shillington and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing solicitor who carried out the work.

I am purchasing a new build house in Shillington with a mortgage from Barclays . The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not to tell my conveyancer about the extras as it will impact my loan with the lender. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I'm refinancing my current property to a buy to let mortgage with The Royal Bank of Scotland and I will use the rest of the raised equity as a deposit on a second house. The location we are looking at is Shillington. Will your lawyers be able to act for both sets of mortgage companies and link together the transactions?

Make use of our search tool on this site to check that the lawyers are on the relevant lender panels. Having checked that they are the solicitor will be able to simultaneously deal with the two deals but you should have a chat with you conveyancer and communicate your desired outcome and requirements.

I am tempted by the attractive purchase price for a couple of apartments in Shillington both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Shillington is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, 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 Shillington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.

Shillington Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

What restrictions are contained in the Shillington Lease? On the whole the outlay for major works are not included within service charges, although there some managing agents in Shillington require tenants to contribute towards a reserve fund created for the specific intention of building a fund for larger works. Who are the managing agents?