Why is leasehold purchase conveyancing in Chase Side costs more?
The conveyancing costs on a leasehold property in Chase Side is inevitably higher when contrasted to a freehold transaction. This is because there is an amount of additional work necessary in liaising with the freeholder and managing agents to obtain information about whether the rent and service fee have been paid and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
We are intent on selling our home in Chase Side and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know this is not the case. It does beg the question why the buyers used a factory type conveyancing practice rather than a conveyancing solicitor in Chase Side. Having lived in Chase Side for six years we know that this is a non issue. Do we get in touch with our local Authority to get clarification need.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Chase Side differ for new build properties?
Most buyers of new build premises in Chase Side contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Chase Side tend to acquire the real estate, 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 property lawyers 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 used to new build conveyancing in Chase Side or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and identified one near me in Chase Side I like with a park and station nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Chase Side suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
What tools are available to identify a Chase Side solicitor on the Virgin Money conveyancing panel? I have wheels and am happy to travel upto 10kilometers to meet the conveyancer.
You can use the facility on this website. Please pick a bank and your location and you will see a number of Chase Side conveyancing lawyers based on proximity. We have detailed some Chase Side conveyancing firms at the bottom of this page and you can ring them to see whether they are on the Virgin Money panel
I am attracted to a two apartments in Chase Side which have approximately fifty years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Chase Side is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chase Side conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a basement flat in Chase Side. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to decide the sum to be paid.
An example of a Freehold Enfranchisement decision for a Chase Side flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The remaining number of years on the lease was 70.31 years.