Can you explain why leasehold purchase conveyancing in Brantham costs more?
In summary, leasehold conveyancing in Brantham and Suffolk usually requires extra hours of investigation compared to freehold conveyancing. This includes reviewing the lease, communicating with the landlord about the service of appropriate notices, obtaining current 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 – no matter how many different leaseholders have owned the lease since it was first entered into.
My home in Brantham is up for sale and I have a purchaser. Does the property lawyer have to be on the Virgin Money conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I am close to exchanging contracts on the sale of our property in Brantham and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A high street Brantham lawyer would know this is not the case. It does beg the question why the buyers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in Brantham. Having lived in Brantham for three years we know of no issue. Do we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to 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 health insurance to cover that same sickness)
five months have elapsed since my purchase conveyancing in Brantham took place. I have checked the Land Registry site which shows that I paid £175,000 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.
How does conveyancing in Brantham differ for newly converted properties?
Most buyers of new build or newly converted property in Brantham approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because new home sellers in Brantham usually acquire 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 conveyancers 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 Brantham or who has acted in the same development.
Do you have any top tips for leasehold conveyancing in Brantham with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Brantham can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ representatives. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Brantham leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such alterations. If you dont have the approvals in place do not contact the landlord without checking with your solicitor first. You believe that you know the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic rather than ongoing. Many freeholders or managing agents in Brantham charge for providing management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Brantham.
Leasehold Conveyancing in Brantham - Sample of Questions you should consider Prior to buying
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Who takes charge for maintaining and repairing the building? Its a good idea to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the tidiness of the common parts. You should not be shy to ask prospective neighbours what they think of them. In conclusion, find out the dates that the service charges are due to the relevant party and precisely how they are spending that money. How many of the leaseholders are in arrears for their maintenance charge payments?