Is there a reason why leasehold purchase conveyancing in Croston is more expensive?

In summary, leasehold conveyancing in Croston and Lancashire usually requires extra due diligence compared to freehold conveyancing. This includes checking the lease terms, liaising with the landlord concerning the service of applicable notices, obtaining up-to-date 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 entered into.

A colleague advised me that in buying a property in Croston there could be a number of restrictions limiting what one can do in terms of external changes to a property. Is this right?

We are aware of a number of properties in Croston which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Croston should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

We have a mortgage agreed in principle with Clydesdale. Croston conveyancing practitioners have been chosen. How long does it take for Clydesdale to issue the offer to the lawyer?

Some lenders take longer than others. Have Clydesdale done the valuation? Have you informed Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

I'm spending time looking at flats in Croston and I am now considering a potential offer. Is it wise to have my property lawyer on ‘stand by’? I will be getting a home loan with Barclays.

It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are taking out a mortgage with Barclays, ask your prospective lawyers if they are on the Barclays conveyancing panel otherwise they can't do the mortgage legal work.

Is there anything unique about your site and alternative online quote calculators when it comes to conveyancing in Croston?

At this site obtain a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Croston. Unlike many estate agents and many comparison sites we do not have kick-back arrangements with solicitors. Some agents and online brokers 'recommend' the firm that pays the highest per referral, as opposed to the best value conveyancing in Croston

I am looking at a two flats in Croston both have approximately forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Croston is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with less than 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 premises 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 Croston 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 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 bought a leasehold flat in Croston, 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 flats in Croston with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2093

With only 68 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

Should I cancel my mortgage payments with Kent Reliance once a completion date for my home sale in Croston has been agreed?

No, you must maintain paying any mortgage payments to Kent Reliance until the mortgage is paid off from the proceeds of sale as part of your Croston conveyancing.