My friend recommended that if I am purchasing in Worplesdon I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Worplesdon conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Worplesdon around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Worplesdon 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 plans and statistics, Local Amenities and other useful information about Worplesdon.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Worplesdon. Conveyancing is daunting 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.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Worplesdon
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared. 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. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I am looking for a ground for flat up to £195,000 and found one close by in Worplesdon I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Worplesdon suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years will be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I need to appoint a conveyancing solicitor for residential conveyancing in Worplesdon. I've chance upon a web site which appears to be the ideal offering If it is possible to get all this stuff done via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Last October I purchased a leasehold house in Worplesdon. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Worplesdon - Examples of Questions you should ask before Purchasing
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You will want to discover as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to every day matters such as the tidiness of the communal areas. You should not be shy to ask prospective neighbours if they are happy with their management. On a final note, investigate as to the dates that the maintenance charges are due to the managing agents and specifically what it includes. How much is the maintenance charge and ground rent on the flat? Is there a share of the freehold?
I own a leasehold flat in Worplesdon. Conveyancing was finished in 21012. I have been told that I should not let the lease length get too low. What is the reasoning?
Worplesdon leasehold properties are for a set term - often just under one hundred years when they are first granted. However many flats in Worplesdon were constructed or converted 25 or more years ago and so such leases now have less than eighty years remaining. This may sound like plenty of time however Banks, Building Societies and other mortgage lenders generally require leases to have a minimum of 75 years remaining to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to 75 years. To enhance your property value you should be considering whether or not to extend your lease long before you come to sell it. Please note that there are advantages to taking action before the lease reaches even eighty years as when the lease is below eighty years the premium you have to pay to extend starts to get a lot more expensive.