We are about to sign contracts for a leasehold flat in Spitalfields. We encountered a snag. The loan offer with Lloyds TSB Bank runs out on 14/9/2026 but the sellers are putting forward a completion date of 16/9/2026. Can one prolong the mortgage expiry date?
The best person to deal with your question is your lawyer who will hopefully calculate if he or she is better off negotiating with the lender, seller’s solicitors, property agents or possibly all three given what has happend in your conveyancing to date.
Why is leasehold purchase conveyancing in Spitalfields is more expensive?
In summary, leasehold conveyancing in Spitalfields and elsewhere usually necessitates extra work compared to freehold transactions. This includes reviewing the lease, liaising with the landlord concerning the service of appropriate notices, obtaining up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My wife and I buying a 4 bedroom semi-detached house in Spitalfields. The intention is to an extension at the rear at the property.Will legal investigations on the property involve investigations to see if these alterations are prohibited?
Your solicitor should check the deeds as conveyancing in Spitalfields can on occasion identify restrictions in the title deeds which prohibit categories of works or need the consent of another owner. Certain extensions require local authority planning consent and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these things with a surveyor before you commit yourself to a purchase.
We are getting the release of further monies on our home loan from Nationwide as we intend to conduct a loft conversion to our home in Spitalfields. Do we need to appoint a high street Spitalfields solicitor on the Nationwide conveyancing panel to deal with the legals?
Nationwide do not ordinarily appoint a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide list.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Spitalfields building society branch on numerous occasions and was told they are content with the situation and they would lend. My Spitalfields conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Your solicitor has to follow the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am close to exchanging contracts on the sale of our property in Spitalfields and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a factory type conveyancing practice as opposed to a conveyancing solicitor in Spitalfields. We have lived in Spitalfields for 4 years we know of no issue. Do we get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I am purchasing a new build house in Spitalfields with a loan from The Royal Bank of Scotland. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my lawyer about this side-deal as it would adversely affect my mortgage with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
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 work for a busy estate agency in Spitalfields where we see a number of leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Spitalfields conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 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 sale.
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 purchaser.
My wife and I have hit a brick wall in negotiating a lease extension in Spitalfields. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the price.
An example of a Freehold Enfranchisement case for a Spitalfields property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired lease term was 107 years.