Is there a reason why leasehold purchase conveyancing in Aberdaron is more expensive?
In summary, leasehold conveyancing in Aberdaron and elsewhere usually requires extra hours of investigation compared to freehold transactions. This includes checking the lease terms, communicating with the landlord about serving applicable notices, obtaining current service charge and management information, securing the freeholder’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.
I am thinking of remortgaging my apartment in Aberdaron, does my lawyer have to be on the Coventry BS Solicitor panel?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
three months have elapsed following my purchase conveyancing in Aberdaron completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My husband and I are one month into a leasehold purchase having been referred to a firm by the high street agent to carry out the conveyancing in Aberdaron. I am not happy. Can you you assist me in finding new solicitors?
They would need to be very poor to suggest changing them. Has your loan offer been sent? If so you will need to advise them of the new contact details and have the offer are issued to the new lawyers. Your new solicitor ideally should be on the banks approved list to avoid added costs and delays. That should be your starting point. Our search tool should help you find a bank approved lawyer for your home move in Aberdaron
I am employed by a reputable estate agent office in Aberdaron where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Aberdaron conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I am the registered owner of a basement flat in Aberdaron, conveyancing having been completed in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Aberdaron with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2091
With only 66 years unexpired the likely cost is going to range between £11,400 and £13,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
We are soon to acquiring a property in Aberdaron. Conveyancing is not complete but we wish to have the amount we are are purchasing for private from sites such as Rightmove. what can I do to ensure this is not revealed?
The Land Registry are legally obliged to specify price paid data on the official title for domestic properties nationwide which includes properties in Aberdaron. The Title Register is an open document, so HM Land Registry would be breaching their statutory obligations excluded certain properties such as your property in Aberdaron.
You can ask HMLR to withhold the price paid data yet the answer will be a No.