My wife and I purchased a semi-detached Edwardian property in Astley. Conveyancing practitioner represented me and HSBC Bank. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You should 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 Astley and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing lawyer who carried out the work.
About to purchase a new build flat in Astley. 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.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Astley
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Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a ground for flat up to £235,500 and found one near me in Astley I like with open areas and station nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Astley suitable, so just wondered if I would be making a grave error buying 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 it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
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At this site secure a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Astley. Unlike many estate agents and many comparison sites we do not charge firms a commission if you appoint them for your conveyancing in Astley
What advice can you give us when it comes to appointing a Astley conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Astley conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Astley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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If the firm is not ALEP accredited then what is the reason? How experienced is the firm with lease extension legislation?
I invested in buying a basement flat in Astley, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Astley with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2087
With only 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
My plan is to purchase a ground floor maisonette in Astley. Conveyancing lawyer is awaiting, from the vendor, building insurance documents. Earlier today I was informed that the vendor needs to forward the insurance paperwork for the flat above as well. Why does my conveyancer need to check the insurance for the flat above? Is it really necessary? We have been stalled for the previous month…
It is not impossible in leasehold conveyancing in Astley to discover Conveyancing in Astley in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats rather than the landlord insuring the entire property - which is clearly preferable. Do clarify with your solicitor but it would seem that your lawyer is seeking to verify that the whole building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reconstructed for lack of insurance cover.