Various internet forums that I have visited warn that are the main reason for delay in Andover house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Andover.
I am looking for a leasehold apartment up to £195,000 and found one close by in Andover I like with open areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Andover in this price bracket, so just wondered if I would be making a mistake acquiring 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 amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign 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 lawyer concerning this.
I'm remortgaging my existing property to a buy to let loan with HSBC Bank and intend to use the remaining equity towards a second property. The neighborhood we are interested in is Andover. Will your conveyancers be able to act for both sets of lenders and link together the conveyances?
Make use of our comparison tool on this site to be sure that the solicitors are on the relevant lender panels. Assuming that they are the conveyancer will be able to connect the two transactions but you should talk with you solicitor and make apparent your expectations and requirements.
Am I best advised to appoint a Andover conveyancing practitioner based in the area that I am buying? I have an old university friend who can perform the conveyancing but they are based 200miles away.
The benefit of a high street Andover conveyancing practice is that you can visit the firm to execute paperwork, present your ID and pester them where appropriate. Having local Andover know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and the majority were impressed that should outweigh using an unknown Andover conveyancing solicitor solely due to them being local.
What makes a Andover lease problematic?
There is nothing unique about leasehold conveyancing in Andover. All leases are individual and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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Insurance obligations
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I own a leasehold flat in Andover, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Andover with a long lease are worth £201,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2090
With only 65 years unexpired the likely cost is going to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
What can I do to establish who owns a property in Andover?
Provided the premises is recorded at HMLR, and you have sufficient details of the address of the property, you will be able to view details from the HM Land Registry of the recorded owner for a a minimal charge.