Why is leasehold purchase conveyancing in Bridgend is more expensive?
Bridgend 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.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Bridgend?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bridgend. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Bridgend differ for newly converted properties?
Most buyers of new build or newly converted property in Bridgend contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Bridgend typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bridgend or who has acted in the same development.
Am I better off to go with a Bridgend conveyancing lawyer based in the location that I am buying? We have a good friend who can perform the legal formalities however they are based 300miles drive away.
The benefit of a local Bridgend conveyancing firm is that you can drop in to sign paperwork, present your identification documents and pester them if necessary. Having local Bridgend know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were content that should outweigh using an unfamiliar Bridgend conveyancing lawyer just because they are based in the area.
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Bridgend. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Bridgend are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Bridgend so you should seriously consider shopping around for a Bridgend conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.
I bought a leasehold flat in Bridgend, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bridgend with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2078
With only 54 years left to run the likely cost is going to be between £32,300 and £37,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
We have an offer in principle from Platform Home Loans Ltd who said we could borrow up to £400k. At what point do we need to appoint a practitioner for conveyancing? Bridgend is where we plan to move to.
You can instruct a conveyancing practitioner now so that the lawyer can open the file so they can do the AML checks etc. Once you wish them to commence work you will be asked for a payment on account usually approximately £200. That should generally be after you have the loan offer from your lender and valuation back, however if you want to expedite matters you can start the ball rolling sooner even though you may be risking some expense.