Is there a reason why leasehold purchase conveyancing in Higher Kinnerton is more expensive?
In short, leasehold conveyancing in Higher Kinnerton and elsewhere usually requires extra hours of investigation compared to freehold conveyancing. This includes lease investigation, liaising with the landlord concerning serving appropriate notices, obtaining current service charge and management information, obtaining the freeholder’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 owners have owned the lease since it was first granted.
The deeds to our house are lost. The conveyancers who dealt with the conveyancing in Higher Kinnerton 10 years ago are no longer around. What are my options?
As long as the title is registered the information relating to your ownership will be held by the Land Registry with a Title Number. It is possible to execute a search at the Land Registry, locate your property and order up to date copies of the Registered Entries for a small fee. Where the property is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Higher Kinnerton is the location of the property. What do you suggest?
Flying freeholds in Higher Kinnerton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Higher Kinnerton you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Higher Kinnerton may ascertain 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 property.
How can the Landlord & Tenant Act 1954 impact my commercial premises in Higher Kinnerton and how can your lawyers assist?
The particular law that you refer to provides protection to commercial leaseholders, giving them the a statutory right to apply to court for a new lease and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Higher Kinnerton is one of our hundreds of locations in which the firms we work with have offices
I am looking at a couple of apartments in Higher Kinnerton which have in the region of 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Higher Kinnerton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 property 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 Higher Kinnerton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Leasehold Conveyancing in Higher Kinnerton - A selection of Questions you should ask before buying
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The majority of Higher Kinnerton leasehold flats will have a service bill for maintenance of the building invoiced by the freeholder. Where you acquire the flat you will have to pay this contribution, normally quarterly throughout the year. This could be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay annual, this is usually not a large figure, say approximately £25-£75 but you should to check it because occasionally it can be many hundreds of pounds. The best form of lease structure is a share of the freehold. In this arrangement the leaseholders benefit from control and even though a managing agent is frequently employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. It would be prudent to find out as much as you can concerning the company managing the block as they can either make your life much easier or problematic. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the communal areas. Ask other people whether they are happy with their service. In conclusion, investigate as to the dates that the maintenance fees are due to the managing agents and precisely what you get for your money.
Why is New Build conveyancing in Higher Kinnerton more expensive?
Buying a brand new premises is completely distinct from the standard house buying conveyancing in Higher Kinnerton. For a start developers usually insist contracts to exchange inside a short timeframe, the result being a lot of pressure on your lawyer to make sure all is in order. In addition new build premises often necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank requirements are also more demanding. Due to the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.