Why is leasehold purchase conveyancing in Biddenham is more expensive?

In short, leasehold conveyancing in Biddenham and elsewhere usually warrants additional hours of investigation compared to freehold conveyancing. This includes lease investigation, liaising with the landlord about serving appropriate notices, procuring current service charge and management information, securing the landlord’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 proprietor have owned the lease since it was first granted.

I am buying a new build flat in Biddenham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Biddenham

Please provide evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.

Given that I am about to spend 450k on a property in Biddenham I wish to talk to a lawyer regarding theconveyancing ahead of appointing the firm. Is this something that you can arrange?

Absolutely - we would be happy to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your property ownership legalities in Biddenham.There is no ‘factory style conveyancing’ - every client is unique individual, not a case reference. The practices that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Biddenham should be the figure that you end up paying.

My husband and I are first time buyers - had an offer accepted, but the estate agent has warned us that the vendor will only proceed if we instruct their preferred conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a family solicitor who is accustomed to conveyancing in Biddenham

It is unlikely the owners are behind this. Should the vendor desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is likely to cause more damage than good. Contact the sellers directly and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you are going to appoint your own,trusted Biddenham conveyancing solicitors - as opposed tothose that will give the estate agent a commission or hit his conveyancing thresholds set by head office.

I am tempted by the attractive purchase price for a two apartments in Biddenham which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Biddenham is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Biddenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I own a studio flat in Biddenham, conveyancing formalities finalised July 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Biddenham with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2105

With only 80 years unexpired we estimate the price of your lease extension to be between £7,600 and £8,800 as well as professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.