Why is leasehold purchase conveyancing in Poundbury is more expensive?
Poundbury leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I just bought a flat at auction in Poundbury. Conveyancing is required. What are my next steps?
Having to all intents and purposes signed on the dotted line you now have to hire the services of a conveyancing practitioner quickly as you are faced with a pending a drop dead date to complete the conveyancing. An auction property will have a corresponding auction pack. This will include most,if not all of the paperwork that your solicitor requires. In the case of leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You must pass this on to your appointed conveyancing solicitor ASAP. Do make sure that you have funds in place to complete the transaction on the set completion date.
We are purchasing a victorian detached house in Poundbury. We would like to carry out a loft conversion at the property.Will legal investigations on the property include checks to determine if these alterations are prohibited?
Your solicitor should check the registered title as conveyancing in Poundbury will on occasion identify restrictions in the title deeds which restrict certain alterations or require the permission of a 3rd party. Many extensions call for local authority planning consent and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be prudent to check these issues with a surveyor before you commit yourself to a purchase.
I have a mortgage with Clydesdale for my property in Poundbury. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
Clydesdale must be informed of your intention prior to renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel lawyer.
Various internet forums that I have visited warn that are the primary cause of obstruction in Poundbury house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Poundbury.
About to purchase a new build flat in Poundbury. Conveyancing is a frightening process 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.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Poundbury
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
What makes a Poundbury lease problematic?
Leasehold conveyancing in Poundbury is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall A provision to repair to or maintain elements of the premises
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Poundbury - Sample of Questions you should consider before Purchasing
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Does the lease contain onerous restrictions? Is the freehold reversion owned jointly by the leaseholders? How many years are left on the lease?
How much experience do your Poundbury conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Poundbury conveyancing lawyers help thousands of people move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Poundbury conveyancers have worked on recent similar cases.