I have been on the look out for a ground for flat up to £305k and found one near me in Caersws I like with open areas and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Caersws in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I am looking into buying my first house which is in Caersws and I am already nervous. I couldn't find anything specific about Caersws. Conveyancing will be needed in due course but do you know about the Caersws area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Caersws. In the meantime here are some basic statistics that we found
My father-in-law has encouraged me to use his conveyancing solicitors in Caersws. Should I use them?
No doubt the best way to find a conveyancing solicitor is to seek guidance from friends or family who have actually experience in using the solicitor that you are contemplating using.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Caersws. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Caersws ?
Most houses in Caersws are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Caersws so you should seriously consider looking for a Caersws conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.
Caersws Leasehold Conveyancing - Sample of Queries Prior to Purchasing
On the whole the cost for major works tend not to be included within service charges, although a few managing agents in Caersws obliged tenants to contribute towards a sinking fund created for the specific intention of building a fund for major works. How much is the service charge and ground rent on the apartment? Best to be warned whether redecorating or some other significant cost is pending to be shared by the tenants and will dramatically increase the the service fees or result in a one off invoice.
My son is about to join the property ladder, the home loan was agreed last week in principle. When the offer was accepted on house we rang the building society to progress the mortgage application. We were disappointed to discover that mortgage lenders do not accept all lawyer, they need to be on their approved list, is this legal?
Lenders normally restrict either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Caersws property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.