Is there a reason why leasehold purchase conveyancing in Little Burstead costs more?
Little Burstead leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My flat in Little Burstead is up for sale and I have a purchaser. Does the conveyancing practitioner have to be required to be on the RBS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the RBS 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 panel criteria fairly frequently currently.
The deeds to my house are lost. The solicitors who dealt with the conveyancing in Little Burstead 4 years ago no longer exist. What do I do?
In today’s world there are copies made of almost everything, and your solicitor will be aware precisely where to find all the appropriate paperwork so you can buy or sell your house without a hitch. Where duplicates are not available, your lawyer may be able to put in place insurance or indemnities against future claims on your premises.
Due to the encouragement of my in-laws I had a survey completed on a property in Little Burstead prior to instructing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some lenders will refuse to give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Little Burstead. Conveyancing will be smoother if you use a solicitor in Little Burstead especially if they are acquainted with such properties in Little Burstead.
I am looking at a couple of flats in Little Burstead which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Little Burstead. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena.
I bought a leasehold flat in Little Burstead, conveyancing having been completed in 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Little Burstead with an extended lease are worth £197,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2080
You have 55 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
My fiance is purchasing a ground floor flat in Little Burstead. He has received an estimate by the lawyer connected to the estate agents and it came to £1156 . It was fifteen years ago since I sold and bought a house and it cost was £450. Have costs really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Little Burstead searches, land registry fees, etc)