Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Bamburgh I like with amenity areas and railway links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Bamburgh for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I am looking to sell my home. My previous lawyers has retired. I am in need of a recommendation of a conveyancing firm. Im based in Bamburgh if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Bamburgh. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I need to instruct a conveyancing solicitor for purchase conveyancing in Bamburgh. I happened to land on a web site which appears to be the perfect solution If it is possible to get all formalities done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
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?
All being well we will complete our sale of a £150,000 garden flat in Bamburgh next week. The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Bamburgh?
Bamburgh conveyancing on leasehold flats often necessitates the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are entitled to levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to sell the property.
I own a split level flat in Bamburgh, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Bamburgh with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2079
You have 60 years remaining on your lease we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of 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 based on this information without first seeking the advice of a professional.
Can you set examples of specific benefits to using a high street conveyancing practitioner in Bamburgh
Home movers in Bamburgh opt for a local conveyancer so that they can visit if they have questions, and to execute documents rather taking the chance in depending on the Royal Mail.
There is a distinct advantage when selecting a lawyer nearby to the house you are purchasing, due to the familiarity of the locality and potential local issues - yet this is moot. Most conveyancers undertaking their communications via email and may be almost anywhere.