Can you explain why leasehold purchase conveyancing in Teignmouth costs more?
In short, leasehold conveyancing in Teignmouth and elsewhere usually requires more work compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord concerning the service of required notices, securing up-to-date service charge and management information, securing 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.
My relative recommended that if I am buying in Teignmouth I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Teignmouth conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Teignmouth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Teignmouth.
My wife and I own a 4 bedroom Edwardian property in Teignmouth. Conveyancing practitioner represented me and Barclays Direct. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Teignmouth and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing practitioner who conducted the work.
We're FTB’s - had an offer accepted, but the property agent has warned us that the owners will only go ahead if we use their recommended conveyancers as they are insisting on an ‘expedited deal’. We would rather use a local solicitor with experience of conveyancing in Teignmouth
We suspect that the owner is unaware of this requirement. If they require ‘a quick sale', alienating a motivated purchaser is counter productive. Speak to the owners direct and explain that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you will continue to use your own,trusted Teignmouth conveyancing solicitors - not the ones that will give the estate agent a referral fee or meet his conveyancing targets pre-set by head office.
I am looking at a couple of flats in Teignmouth both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Teignmouth. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field.
Leasehold Conveyancing in Teignmouth - A selection of Queries before Purchasing
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Where a Teignmouth lease has fewer than eighty years it will have adverse implications on the salability of the property. It is worth checking with your lender that they are content with remaining years on the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would need to own the premises for two years before you are entitled to extend the lease. Make sure you investigate if the the lease includes any onerous restrictions in the lease. For example plenty of leases prohibit pets being permitted in in a block in Teignmouth. If you like the flatin Teignmouth however your cat is not allowed to move with you then you will be presented with a hard choice. Are any of leasehold owners in dispute over their service charge payments?
I am buying a house and cash is in place. I have provided lawyer with 2 separate proof of photographic identification, bank statement, multiple utility bills. Now he requires a copy from a probate lawyer advising that the funds are in place and that it has come from inheritance and not selling fake watches.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Teignmouth conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.