I am need of leasehold conveyancing for an apartment in a fairly new development (five years old) in Fareham. 95% of the properties have already been sold. Is it really necessary to order local searches for my conveyancing in Fareham?
Where you are obtaining a loan, your lender will require some (many) of the searches so you'll have no choice. If not, then Fareham conveyancing searches are optional. Your solicitor, will 'advise', perhaps strongly, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to swap to an alternative solicitor for your conveyancing in Fareham.
It is a dozen years since I bought my home in Fareham. Conveyancing lawyers have now been instructed on the sale but I can't locate the deeds. Is this a major issue?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by the mortgage company or they may stored with the lawyers who handled the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Nearly all conveyancing in Fareham involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
I am buying a new build flat in Fareham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Fareham
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are architect prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I am looking for a flat up to £245,000 and found one round the corner in Fareham I like with open areas and railway links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Fareham for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am looking at a two maisonettes in Fareham which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena.
Fareham Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
What is the the remaining lease term? It would be sensible to find out if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being allowed in in a block in Fareham. If you love the flatin Fareham however your dog is not allowed to move with you then you have a very hard compromise. How much is the yearly service fee and ground rent?
Is there a reason that Fareham conveyancing costs are more expensive for leasehold and freehold properties?
Inevitably there is more work necessary for leasehold conveyancing. Fareham has many leasehold properties. There is more hours involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.