Can you explain why leasehold purchase conveyancing in Parkstone is more expensive?
In short, leasehold conveyancing in Parkstone and elsewhere usually necessitates extra work compared to freehold conveyancing. This includes analysing the lease terms, liaising with the landlord about serving required notices, securing up-to-date 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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
Me and my brother own a terraced Victorian house in Parkstone. Conveyancing lawyer represented me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Parkstone and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Parkstone I like with open areas and railway links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Parkstone suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I'm remortgaging my current home to a buy to let loan with Barclays and I will use the ballance of the raised equity as a deposit on a second house. The location we are talking about is Parkstone. Will your solicitors be able to act for the two mortgage companies and tie in the two deals?
Make use of our search tool on this site to be sure that the solicitors are on the appropriate lender panels. On the basis that they are the solicitor will be able to tie up the two deals but you should have a chat with you solicitor and specify your expectations and requirements.
I am using a search engine for the term cheap conveyancing in Parkstone it brings up numerous property lawyersin the vicinity. How do I determine which is the right conveyancer for me?
The preferential method of seeking the right conveyancer is through a personal testimonial, so ask friends and relatives who have purchased a property in Parkstone or a local estate agent or mortgage broker. Fees for conveyancing in Parkstone differ, so it's a good idea to obtain at least four fee calculations from varying types of property lawyers. Make sure that you know what costs in the quote includes.
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Parkstone. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Parkstone are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Parkstone so you should seriously consider looking for a Parkstone conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
Parkstone Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
It would be prudent to investigate if there are any onerous prohibitions in the lease. By way of example it is reasonably common in Parkstone leases that pets are not allowed in in a block in Parkstone. If you like the apartmentin Parkstone however your dog is not allowed to live with you then you will be faced difficult choice. This information is helpful as a) areas may cause problems for the building as the communal areas may start to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to know about it How much is the ground rent and service charge?