I am need of leasehold conveyancing for an apartment in a relatively new development (seven years built) in Wavertree. Almost all the properties have already been disposed of. Do I need carry out the neighbourhood searches as part of conveyancing in Wavertree?
You would be putting yourself at risk in failing carrying out Wavertree conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would strongly advise in the strongest possible terms that you have them. Where time pressures and cost are primary concerns you should consider with your lawyer about the option of search insurance
I purchased a freehold premises in Wavertree yet charged rent, why is this and what is this?
It is rare for properties in Wavertree and has limited impact for conveyancing in Wavertree but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Wavertree so that I can pop in to their offices when needed.
Nowadays conveyancing panel lawyers for lenders conduct their communications through Royal Mail, internet or over the phone. This means that they can undertake the conveyancing transaction regardless of where you live in England or Wales. That being said you should see if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Wavertree I like with a park and station nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Wavertree suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years may be problematic. 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 a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
What makes a Wavertree lease unmortgageable?
Leasehold conveyancing in Wavertree is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the premises Insurance obligations
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Wavertree - A selection of Questions you should consider before Purchasing
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How many of the leaseholders are in arrears for their service charge payments? What is the the remaining lease term? It is important to be aware whether changing the roof or some other significant cost is pending that will be shared between the leaseholders and will dramatically increase the the service costs or require a specific payment.
What type of premises does your Wavertree conveyancing estimates relate to?
Our conveyancing quotes are only appropriate to standard residential premises in England & Wales. Where you have any different requirements for example industrial or agricultural property or commercial conveyancing in Wavertree do contact us to consider this further .