Why is leasehold purchase conveyancing in Old Swan costs more?
In short, leasehold conveyancing in Old Swan and elsewhere usually necessitates more due diligence compared to freehold transactions. This includes checking the lease terms, corresponding with the landlord concerning the service of required notices, securing up-to-date 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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
It has been 2 months following my purchase conveyancing in Old Swan concluded. I have checked the Land Registry site which shows that I paid £200,000 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 residence 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.
I have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Old Swan I like with open areas and transport links nearby, however it only has 51 remaining years left on the lease. There is not much else in Old Swan suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I was pointed in your direction by a few selling agents in Old Swan to find a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to offer your lawyers rather than a competitor’s?
We don’t offer any referral fee for pointing buyers and sellers to this site. We found it would be just too difficult a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am looking for a conveyancing lawyer in Old Swan for my house move. Is it possible to see a firm’s complaints history with the profession’s regulator?
Members of the public may find presented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The SRA sometimes monitor call for training reasons.
I only have Fifty years remaining on my lease in Old Swan. I am keen to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. In some cases an enquiry agent should be helpful to try and locate and prepare a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Old Swan.
I purchased a leasehold flat in Old Swan, conveyancing formalities finalised in 2007. Can you work out an approximate cost of a lease extension? Corresponding properties in Old Swan with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2083
With just 58 years remaining on your lease we estimate the premium for your lease extension to span between £23,800 and £27,400 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.