Is there a reason why leasehold purchase conveyancing in Pontardawe costs more?
In summary, leasehold conveyancing in Pontardawe and elsewhere usually involve additional due diligence compared to freehold conveyancing. This includes reviewing the lease, communicating with the landlord concerning serving 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 owners have owned the lease since it was first granted.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Pontardawe I like with open areas and station in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Pontardawe in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I have been pointed in your direction by numerous property agents in Pontardawe to select a solicitor on your site. What’s the financial upside for Estate Agents to offer your lawyers ahead of alternative conveyancing organisations?
We don’t make any financial incentive for directing people our way. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My father-in-law has urged me to instruct his conveyancing solicitors in Pontardawe. Should I find my own property lawyer?
There are no two ways about it it’s preferable to choose a conveyancing lawyer is to get guidance from friends or relatives who have used the firm you're contemplating using.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Pontardawe. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Pontardawe are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Pontardawe in which case you should be shopping around for a Pontardawe conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
Leasehold Conveyancing in Pontardawe - Sample of Queries before buying
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Who is in charge of the block? What is the yearly maintenance fee and ground rent?
Why can't I complete my conveyancing in Pontardawe on Easter Monday?
Because on completion the money will pass between the banks of the purchaser and seller's property lawyer and at present this can only happen on a working day. It is not possible to complete on a saturday or sunday either.