Is there a reason why leasehold purchase conveyancing in Booker costs more?

The conveyancing fees for a leasehold property in Booker is inevitably greater when contrasted to a freehold transaction. This is because there is an amount of extra work required in dealing with the freeholder and managing agents to collate the information concerning whether the rent and maintenance fee have been cleared and whether there are any significant expenditure in the near future on repairs or maintenance of the building.

I just acquired a house at auction in Booker. Conveyancing is needed. What is next?

Having to all intents and purposes signed on the dotted line you must hire the services of a conveyancing solicitor soon as you now have a tight a fixed date to complete the property. All auction property will ordinarily have a bespoke auction set of papers. This should include most,if not all of the paperwork that your solicitor will need. If you have purchased leasehold premises the legal papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You need to pass this on to the conveyancer working for you as soon as possible. You also need to ensure that your finances are in order to complete on the date specified in the contract.

We are purchasing a terrace house in Booker. Our aim is to carry out a loft conversion at the property.Will the conveyancing process include investigations to determine if these alterations were previously refused?

Your conveyancer will check the deeds as conveyancing in Booker will sometimes reveal restrictions in the title documents which restrict certain changes or need the consent of another owner. Certain extensions need local authority planning permissions and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be prudent to check these things with a surveyor ahead of any purchase.

We are getting the release of further monies on our mortgage from Leeds Building Society as we want to carry out alterations to our house in Booker. Do we need to select a high street Booker solicitor on the Leeds Building Society conveyancing panel to deal with the legals?

Leeds Building Society don't usually instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society conveyancing panel.

My wife and I have a semi-detached Victorian property in Booker. Conveyancing solicitor acted for me and HSBC Bank. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the exact same property. Is it worth asking HSBC Bank to clarify?

You should read the Freehold register you have again and check the Charges Register for 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 Booker and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing solicitor who conducted the purchase.

As co-executor for the will of my grandmother I am selling a property in Monmouth but live in Booker. My lawyer (approximately 300 kilometers awayrequires that I execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing solicitor in Booker to attest this legal document for me?

Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are based in Booker

I am looking at a couple of flats in Booker both have approximately 50 years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Booker is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat 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 property 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 Booker conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

Booker Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

Make sure you discover if there is anything that is prohibited in the lease. For instance it is fairly common in Booker leases that pets are not allowed in certain buildings in Booker. If you like the apartmentin Booker but your cat is not allowed to live with you then you have a very hard decision. Who takes responsibility for maintaining and repairing the building? How many of the leaseholders are in arrears for their maintenance charge payments?