Are there restrictive covenants that are commonly picked up during conveyancing in Frenchay Common?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Frenchay Common. 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 Frenchay Common differ for newly converted properties?
Most buyers of new build residence in Frenchay Common come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Frenchay Common typically buy the site, 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 property lawyers 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 Frenchay Common or who has acted in the same development.
How do I use your search facility to get a fee calculation from a conveyancing lawyer in Frenchay Common on the approved list for my bank?
1st pick a bank such as Birmingham Midshires, Bank of Scotland or Platform Home Loans Ltd then specify your location e.g. Frenchay Common. Conveyancing practices in Frenchay Common and across England and Wales will then be shown.
Is it best to instruct a Frenchay Common conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can conduct the legal formalities but his firm is located approximately 350miles away.
The benefit of a local Frenchay Common conveyancing firm is that you can drop in to execute documents, hand in your identification documents and apply pressure on them if necessary. Having local Frenchay Common know how is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were happy that should trump using an unfamiliar Frenchay Common conveyancing solicitor just because they are round the corner.
I am attracted to a two apartments in Frenchay Common which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Frenchay Common is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive 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 premises 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 Frenchay Common conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Leasehold Conveyancing in Frenchay Common - Sample of Queries Prior to Purchasing
Does the lease have onerous restrictions? In the main the outlay for major works are not included within service charges, albeit that there some managing agents in Frenchay Common require tenants to pay into a reserve fund created for the specific purpose of building a fund for major works. Best to be warned if a new roof is being put on or some other significant cost is pending to be shared between the leasehold owners and will materially impact the level of the maintenance costs or result in a one time payment.