Will my conveyancing lawyers need to check that the building insurance when buying a house in Bosham. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 3/6/2025, the requirements read as follows :
five months have elapsed since my purchase conveyancing in Bosham concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Bosham I like with open areas and transport links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Bosham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may ask them to 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 about this matter.
How difficult is it to swap conveyancer as I have to select a firm on the Leeds Building Society conveyancing list. I hired a family conveyancing solicitor in Bosham five minutes from me but she is not approved by Leeds Building Society
We will our best to assist in finding you a conveyancing solicitor in Bosham on the Leeds Building Society panel. Please note that the solicitors that we on the directory do not pay us a referral fee if you instruct them and are regulated by the SRA who regulate all conveyancing solicitors in Bosham. Using the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Bosham.
I am tempted by the attractive purchase price for a two apartments in Bosham which have in the region of 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Bosham 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 value of the property. The majority of purchasers and lenders, leases with less than eighty 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 residence 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 Bosham 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.
I acquired a 2 bed flat in Bosham, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Bosham with over 90 years remaining are worth £171,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2104
With 79 years left to run the likely cost is going to span between £7,600 and £8,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
My conveyancing in Bosham is completing on Friday, but the person I am purchasing off has asked to move out the next day at afternoon. Can I accept such a plan?
In situations where you are having a mortgage then your solicitor will require that you have vacant possession on Friday - the mortgage company will insist on it.