Can you explain why leasehold purchase conveyancing in Baglan costs more?
In summary, leasehold conveyancing in Baglan and elsewhere usually necessitates extra hours of investigation compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord about the service of required notices, procuring current service charge and management information, procuring 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 – no matter how many different proprietor have owned the lease since it was first granted.
I have a semi-detached Victorian property in Baglan. Conveyancing practitioner acted for me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the matching address. Is it worth asking Alliance & Leicester to clarify?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Baglan 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 purchasers. You can also question the position with the conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Baglan differ for new build properties?
Most buyers of new build or newly converted property in Baglan contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Baglan usually purchase the land, 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 used to new build conveyancing in Baglan or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, chain free conveyancing. Baglan is the location of the property. What do you suggest?
Flying freeholds in Baglan are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Baglan you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Baglan may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I'm refinancing my current house to a BTL loan with Bank of Ireland and intend to use the remaining equity as a down payment on further house. The area we are talking about is Baglan. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Do use our comparison tool on this site to ensure that the solicitors are approved by both mortgage companies. Assuming that they are the solicitor will be able to tie up the two deals but you should have a chat with you lawyer and specify your desired outcome and needs.
I am tempted by the attractive purchase price for a couple of apartments in Baglan which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Baglan is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with under 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 property 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 premises 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 Baglan conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.
Baglan Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
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Please note that where the lease has fewer than 80 years it will affect the marketability of the flat. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will need to own the residence for 24 months in order to be entitled to exercise a lease extension. How many of the leaseholders are in arrears for their service charge payments?