Why is leasehold purchase conveyancing in Great Baddow is more expensive?
Great Baddow leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The solicitors who did the conveyancing in Great Baddow 4 years ago have long since closed. What are my next steps?
Gone are the days when you need to hold title deeds to evidence that you are the owner of your registered land or premises, as the Land Registry have everything they need in a digital format.
I have been on the look out for a flat up to £195,000 and found one round the corner in Great Baddow I like with a park and transport links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Great Baddow suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
What makes your site different to other web based conveyancing solicitors for conveyancing in Great Baddow?
At this site obtain a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Great Baddow. As opposed to estate agents and brokerage sites we do not have referral arrangements with solicitors. A large number of agents and online brokers 'recommend' solicitors paying the most kickback, not the best value conveyancing in Great Baddow
Do you have any top tips for leasehold conveyancing in Great Baddow from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Great Baddow can be avoided where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Arranging a new share certificate is often a time consuming formality and delays many a Great Baddow home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible. Many freeholders or managing agents in Great Baddow charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Great Baddow. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Great Baddow state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such alterations. If you dont have the consents to hand do not contact the landlord without contacting your lawyer before hand.
I own a 1 bedroom flat in Great Baddow, conveyancing having been completed January 2003. 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? Corresponding properties in Great Baddow with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2087
You have 66 years left to run we estimate the premium for your lease extension to be between £12,400 and £14,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
I own a leasehold flat in Great Baddow. Conveyancing was finalised in last year. I have been told that I should not allow the lease length get too short. Why is that a problem?
Great Baddow residential long term leases are for a prescribed period - often ninety nine years when they are first granted. However a significant appartments in Great Baddow were constructed or converted in the 70’s80’s and so such leases now have under 80 years unexpired. That may sound like plenty of time however Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of 75 years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To enhance your property value you should be thinking about whether to extend your lease long before you come to sell it. There are also significant benefits to doing so before the lease hits eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to escalate.