We were just about to sign contracts for a leasehold flat in Woore. We have hit a snag. Our loan offer with Alliance & Leicester expires on 12/2/2025 but the vendors are insisting on a completion date of 14/2/2025. Is it possible to extend the mortgage expiry date?

The best person to address this issue is your solicitors who will assess if they should be discussing with the mortgage broker, seller’s conveyancers, estate agents or possibly all three taking into account the circumstances your house move to date.

How does conveyancing in Woore differ for new build properties?

Most buyers of new build premises in Woore contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Woore usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Woore or who has acted in the same development.

Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Woore I like with amenity areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Woore in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you require a home loan that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass 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 speak to your conveyancing solicitor about this matter.

I am attracted to a two maisonettes in Woore both have approximately fifty years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Woore. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field.

Leasehold Conveyancing in Woore - A selection of Queries Prior to Purchasing

How much is the maintenance charge and ground rent on the property? Does the lease contain onerous restrictions? How many of the leaseholders are in arrears for their service charge payments?

Please can you explain what my options are if my Woore conveyancing searches reveals negative entries?

Ordinarily, most adverse entries that arise in Woore conveyancing search results can be addressed ahead of completion or title insurance could possibly be obtained. You should remember that regardless of the fact that you intend on acquiring the premises and might be willing to accept the search results, your lender may not, and when all said and done have the final decision.