Me and my partner are buying our first property. Our lawyer has messagedto ask if we wish to take out extra conveyancing searches. Frankly we in the dark as to what's relevant for conveyancing in Ampthill
The scope of Ampthill conveyancing searches should be triggered based entirely on the premises, the location, the possibility of any of these risks, your familiarity of the area and risks, your general approach to risk. What is important is that you adequately comprehend what information the searches could provide. You may then decide if you personally think you need that information. If unsure, ask your conveyancing practitioner to guide you.
Can you explain why leasehold purchase conveyancing in Ampthill is more expensive?
Ampthill 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.
I am considering applying for a Co-operative mortgage for purchase of a new build (under development) in Ampthill with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I opted to have a survey done on a house in Ampthill prior to retaining solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies tend refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ampthill. Conveyancing will be smoother if you use a solicitor in Ampthill especially if they are accustomed to such properties in Ampthill.
I am tempted by the attractive purchase price for a two flats in Ampthill both have approximately forty five years left on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area.
Ampthill Leasehold Conveyancing - Examples of Questions you should consider before buying
It would be wise to discover as much as you can concerning the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the common parts. Enquire of other people if they are happy with their management. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what you get for your money. It is important to be aware if redecorating or some other major work is anticipated that will be shared by the leaseholders and will dramatically impact the level of the maintenance fees or necessitate a one off invoice. What is the service charge and ground rent on the apartment?