Why is leasehold purchase conveyancing in Burton upon Trent costs more?
The conveyancing fees for a leasehold premises in Burton upon Trent is inevitably greater as compared to a freehold acquisition or disposal. This is due to the extra time necessary in liaising with the freeholder and management company to obtain evidence concerning whether the rent and maintenance charges have been cleared and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
Are there restrictive covenants that are commonly identified during conveyancing in Burton upon Trent?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Burton upon Trent. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Burton upon Trent differ for new build properties?
Most buyers of new build or newly converted property in Burton upon Trent come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Burton upon Trent typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Burton upon Trent or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Burton upon Trent I like with open areas and station nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Burton upon Trent suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I've recently bought a leasehold flat in Burton upon Trent. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Burton upon Trent Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
In the main the outlay for major works are not wrapped into the service charges, although some managing agents in Burton upon Trent obliged leasehold owners to contribute towards a reserve fund and this is used to offset against larger works. The best form of lease arrangement is a share of the freehold. In this arrangement the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is usually retained where the building is bigger than a house conversion, the managing agent employed by the leaseholders.