Is there a reason why leasehold purchase conveyancing in Catshill costs more?
In summary, leasehold conveyancing in Catshill and elsewhere usually warrants additional work compared to freehold transactions. This includes reviewing the lease, communicating with the landlord about the service of applicable notices, procuring up-to-date 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 entered into.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Catshill?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Catshill. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the encouragement of my in-laws I had a survey completed on a house in Catshill prior to instructing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies may refuse to issue a mortgage on this type of premises.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Catshill. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Catshill to see if the conveyancing will be more expensive.
Taking into account that I am about to part with hundreds of thousands of pounds on 3 bedroom house in Catshill I wish to have a conversation with the lawyer about myhouse move before appointing the firm. Is this something that you can arrange?
This is something that we encourage - we would be happy to talk to you we do not take any clients on without you liaising with the solicitor due to be conducting your conveyancing in Catshill.There is no ‘factory style conveyancing’ - every client is unique individual, not a file number. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Catshill should be the amount on the final invoice that you are charged.
I work for a busy estate agent office in Catshill where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Catshill conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Leasehold Conveyancing in Catshill - A selection of Queries Prior to Purchasing
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The best form of lease arrangement is a share of the freehold. In this scenario the lessees enjoy being in charge if their destiny and even though a managing agent is frequently employed where it is larger than a house conversion, the managing agent is directed by the tenants. Many Catshill leasehold apartments will incur a service bill for the upkeep of the building levied on behalf of the landlord. If you acquire the property you will have to meet this contribution, normally in instalments throughout the year. This may be anything from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a rentcharge to be met annual, this is usually not a significant figure, say about £25-£75 but you should to enquire it because occasionally it could be surprisingly expensive. What restrictions are contained in the Catshill Lease?
I am purchasing a garden flat in Catshill. Conveyancing lawyer is awaiting, from the owner, building insurance paperwork. This afternoon I was informed that the vendor must forward the insurance paperwork for the flat above also. Why does my conveyancer need to check the insurance for the other flat? Is it really necessary? We have been stalled for the previous 2 weeks…
It is not impossible in leasehold conveyancing in Catshill to discover Conveyancing in Catshill in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats as opposed to the landlord insuring the whole premises - which is clearly better. Do clarify with your lawyer but it would appear that your solicitor is seeking to establish that the whole building is insured. Insuring a ground floor apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated due to lack of insurance.