Why is leasehold purchase conveyancing in Devon is more expensive?
The conveyancing charges on a leasehold premises in Devon is often higher than on a freehold acquisition or disposal. This is due to the additional investigations necessary in corresponding with the freeholder and management company to collate the information about whether the rent and maintenance fee have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
The deeds to our property are lost. The lawyers who did the conveyancing in Devon 10 years ago have long since closed. What are my next steps?
In today’s world there are copies made of almost everything, and your solicitor should be aware exactly where to look for all the suitable documentation so you may buy or sell your property without a hitch. Where copies are not available, your solicitor may be able to put in place insurance or indemnities protecting you against possible claims on your property.
I opted to have a survey carried out on a house in Devon in advance of appointing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some lenders may refuse to issue a mortgage on this type of home.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Devon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Devon to see if the conveyancing costs will increase in light of this.
I'm refinancing my primary property to a buy to let loan with Coventry Building Society and intend to use the remaining equity towards further property. The area we are interested in is Devon. Will your conveyancers be able to act for both sets of mortgage companies and link together the transactions?
Do use our search tool on this site to ensure that the conveyancers are approved by both mortgage companies. Assuming that they are the lawyer should be able to simultaneously deal with the two deals but you should have a chat with you conveyancer and make clear your expectations and needs.
What are your top tips when it comes to finding a Devon conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Devon conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Devon conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
If the firm is not ALEP accredited then what is the reason? What are the legal fees for lease extension conveyancing?
Devon Leasehold Conveyancing - Sample of Queries Prior to buying
For most Devon leaseholds the cost for major works tend not to be built into the maintenance charges, although a few managing agents in Devon ask tenants to pay into a reserve fund created for the specific intention of building a fund for larger repairs or maintenance. How much is the ground rent and service charge? If a Devon lease has fewer than 80 years it will affect the salability of the flat. It is worth checking with your mortgage company that they are content with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you will be required to have been the owner of the residence for two years in order to be eligible to exercise a lease extension.