My wife and I are about to complete buying a house in Kinmel Bay but as a consequence of wreckage from some water damage at the property I have managed to agree compensation from the seller of three thousand pounds in the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process but Leeds Building Society are not allowing this. Should they have been notified?
Any solicitor being on a Leeds Building Society approved list is required to disclose to Leeds Building Society of any changes to the sale price. If you were to refuse your property lawyer to disclose the reduction to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new property lawyer for your conveyancing in Kinmel Bay.
Why is leasehold purchase conveyancing in Kinmel Bay is more expensive?
The conveyancing charges for a leasehold premises in Kinmel Bay is inevitably greater than on a freehold residence. This is because there is an amount of additional work necessary in corresponding with the landlord and managing agents to collate the information concerning whether the rent and maintenance fee have been cleared and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.
Are there restrictive covenants that are commonly picked up during conveyancing in Kinmel Bay?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Kinmel Bay. 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…’
I am buying a new build apartment in Kinmel Bay. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Kinmel Bay
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Am I better off to appoint a Kinmel Bay conveyancing solicitor in close proximity to the house I am hoping to buy? We have a good friend who can deal with the conveyancing but her office is 400kilometers drive away.
The primary upside of using a high street Kinmel Bay conveyancing practice is that you can visit the firm to sign documents, deliver your identification documents and pester them where appropriate. Having local Kinmel Bay know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and on the whole were content that should trump using an unfamiliar Kinmel Bay conveyancing solicitor just because they are round the corner.
I am attracted to a two maisonettes in Kinmel Bay which have in the region of 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Kinmel Bay is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and mortgage companies, 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 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 Kinmel Bay 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 any new 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.
Kinmel Bay Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
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How long is the Lease? Are any of leasehold owners in arrears of their service charge liability? How much is the ground rent and service charge?