We are about to exchange buying a property in Salisbury but as a result of wreckage from the recent storms I have managed to agree recompense from the vendor of £2k by way of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process yet Lloyds are not allowing this. Why were they involved?
Any lawyer that is on the Lloyds approved list is obliged to disclose to Lloyds of any amendments to the purchase price. If you were to refuse your conveyancing practitioner to report the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new conveyancing practitioner for your conveyancing in Salisbury.
What does a local search inform me concerning the property I am buying in Salisbury?
Salisbury conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations such as Onsearch The local search is essential in every Salisbury conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
About to purchase a new build apartment in Salisbury. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Salisbury
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Salisbury I like with open areas and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Salisbury in this price bracket, 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 problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Is it possible to switch solicitor as I need to instruct one who is on the HSBC Bank conveyancing list. I instructed a family conveyancing solicitor in Salisbury round the corner but she is not approved by HSBC Bank
It would be our pleasure to assist you select a conveyancing solicitor in Salisbury on the HSBC Bank panel. Please note that the property lawyers that we work with do not pay us commission if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Salisbury. In utilising the find a conveyancing solicitor tool on this website, you can scrutinise costs for conveyancing solicitors in Salisbury and beyond.
I am tempted by the attractive purchase price for a two apartments in Salisbury both have approximately fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Salisbury is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Salisbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Salisbury Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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You should be aware that where the lease has fewer than 80 years it will have adverse implications on the marketability of the property. It is worth checking with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Salisburylease extensions you would be required to have owned the residence for a couple of years in order to be legally able to extend the lease. How much is the ground rent and service charge? Generally speaking the cost for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Salisbury ask leaseholders to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.