Is there a reason why leasehold purchase conveyancing in Loughton is more expensive?
Loughton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My friend advised me that if I am buying in Loughton I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Loughton conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about Loughton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Loughton Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Loughton.
I have been on the look out for a flat up to £235,500 and found one near me in Loughton I like with amenity areas and station in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Loughton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I need to retain a conveyancing solicitor for residential conveyancing in Loughton. I have stumble across a web site which appears to be the ideal offering If there is a chance to get all formalities done via web that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Back In 2006, I bought a leasehold house in Loughton. Conveyancing and Clydesdale mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Loughton who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Loughton conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Loughton conveyancing firm to represent me?
Absolutely. We can put you in touch with a Loughton conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Loughton residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The unexpired term as at the valuation date was 69.26 years.
I am in the process of buying my 1st property in Loughton. Conveyancing solicitor has been appointed. The financial consultant suggested that a survey is not necessary as the property is only fifteen years old.
You would be best advised to have a Home Buyer's Report. As the property is more than ten years old the property will not benefit from a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be enough. They will highlight any apparent issues and suggest further investigation where appropriate. Where there are any signs of problems obtain a full structural survey.