Can you explain why leasehold purchase conveyancing in Radcliffe costs more?
Radcliffe leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant 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.
Will my lawyer be raising enquiries concerning flooding during the conveyancing in Radcliffe.
The risk of flooding is if increasing concern for lawyers dealing with homes in Radcliffe. Plenty of people will buy a property in Radcliffe, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that can be undertaken by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Radcliffe. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the vendor to find out whether the property has ever been flooded. In the event that flooding has previously occurred and is not notified by the seller, then a purchaser could issue a legal claim for losses as a result of such an inaccurate answer. The purchaser’s solicitors should also commission an enviro search. This will reveal if there is a recorded flood risk. If so, additional investigations should be carried out.
I opted to have a survey completed on a property in Radcliffe ahead of instructing solicitors. I have been told that there is a flying freehold element to the house. My surveyor advised that some banks may not grant a mortgage on such a house.
It varies from the lender to lender. HSBC has different requirements from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Radcliffe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Radcliffe to see if the conveyancing will be more expensive.
We're first time buyers - agreed a price, yet the selling agent advised that the seller will only proceed if we appoint the agent's preferred lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family conveyancer who is accustomed to conveyancing in Radcliffe
It is highly unlikely the owners are behind this. If they desire ‘a quick sale', alienating a serious purchaser is not the way to achieve this. Speak to the owners direct and explain that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to use your own,trusted Radcliffe conveyancing lawyers - not the ones that will earn the estate agent a referral fee or meet his conveyancing targets pre-set by corporate headquarters.
I work for a long established estate agency in Radcliffe where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Radcliffe conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Radcliffe Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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Most Radcliffe leasehold properties will incur a service charge for the upkeep of the building invoiced on behalf of the management company. Should you acquire the property you will have to pay this contribution, usually quarterly accross the year. This may vary from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent to be met yearly, this is usually not a significant figure, say about £50-£100 but you need to check as occasionally it can be prohibitively expensive. Best to be warned if a new roof is being installed or some other major work is anticipated to be shared by the leasehold owners and will dramatically impact the level of the service costs or necessitate a specific invoice. Please note that where the lease has less than eighty years it will have adverse implications on the marketability of the flat. Check with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth discovering what this would cost. For most Radcliffelease extensions you will be be obliged to have been the owner of the property for a couple of years in order to be eligible to exercise a lease extension.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Radcliffe. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Radcliffe ?
The majority of houses in Radcliffe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Radcliffe so you should seriously consider shopping around for a Radcliffe conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.