Why is leasehold purchase conveyancing in Lound is more expensive?
In summary, leasehold conveyancing in Lound and elsewhere usually requires extra due diligence compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord concerning serving appropriate notices, obtaining current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
I am helping my step-mother sell her house in Lound. Will the conveyancing solicitor arrange the energy assessment or should I organise this?
After the demise of Home Packs, EPC’s was maintained a compulsory component of moving house. An energy assessment should be commissioned prior to the property being marketed. It is not as aspect of the sale process that conveyancers ordinarily organise. Where you are using a Lound conveyancing solicitor they may be able to arrange energy performance certificates given their relationships with reputable local accredited person
I have paid off my mortgage with Clydesdale. I assume I don't need a Lound conveyancer on the Clydesdale panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lound bank branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Lound conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
The conveyancing practitioner must comply with the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
A colleague recommended that where I am buying in Lound I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Lound conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Lound around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type 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 information concerning Lound.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Lound. Conveyancing is necessary evil 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.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Lound
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants.
I'm remortgaging my current home to a BTL mortgage with Santander and intend to use the remaining equity as a deposit on further property. The area we are interested in is Lound. Will your solicitors be able to act for the two banks and link together the conveyances?
Do use our comparison tool on this page to be sure that the conveyancers are on the appropriate lender panels. Assuming that they are the solicitor should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you solicitor and make clear your desired outcome and requirements.
Do you have any advice for leasehold conveyancing in Lound from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Lound can be bypassed where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ lawyers. A minority of Lound leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you hold a share in a the freehold, you should ensure that you have the original share certificate. Arranging a re-issued share certificate is often a lengthy formality and delays many a Lound conveyancing transaction. If a duplicate share certificate is required, you should approach the company officers or managing agents (if relevant) for this as soon as possible. You may think that you are aware of the number of years left on your lease but you should double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unsettled.
I own a 1 bedroom flat in Lound, conveyancing having been completed November 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Lound with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2086
With just 61 years remaining on your lease the likely cost is going to span between £18,100 and £20,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.