Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Gloucester I like with amenity areas and station in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Gloucester for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer 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 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Is it possible to switch firm as I need to choose one who is on the Britannia conveyancing list. I instructed a high street conveyancing solicitor in Gloucester round the corner but he is not accepted by Britannia
We will our best to assist in finding you a conveyancing solicitor in Gloucester on the Britannia panel. Please note that the conveyancers that we list do not pay us fee if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Gloucester. In utilising the find a conveyancing solicitor tool on this website, you can contrast fees for conveyancing solicitors in Gloucester and beyond.
We are four weeks into a leasehold purchase having been referred to conveyancers by the estate agent to execute conveyancing in Gloucester. I am am extremely frustrated with the quality of service. Can you help me find new conveyancers?
A solicitor would need to be really bad to suggest replacing them. Has your mortgage offer been sent? In the event that it has you must advise them of the new contact details and get the mortgage documents are re-sent. Your new conveyancer needs to be on the banks panel to avoid supplemental charges and frustration. So that should be your first question of the new conveyancers. The search tool should assist you in finding a bank approved lawyer for your conveyancing in Gloucester
Expecting to sign contracts shortly on a garden flat in Gloucester. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Gloucester should include some of the following:
You would want to be sent a copy of the lease specifics of the parties to the lease, for example these could be the leaseholder, head lessor, landlord Does the lease prevent you from letting out the property, or working from home What you can do if a neighbour is in violation of a provision in their lease? It needs to be made clear to you whether the lease allows you to alter or upgrade aspects of the premises- you should be made aware as to whether any restrictions applies to all alterations or limited to structural alteration, and whether permission is required
I purchased a garden flat in Gloucester, conveyancing was carried out December 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Gloucester with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2080
With only 61 years unexpired we estimate the price of your lease extension to range between £19,000 and £22,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Whilst your website is a good idea there are many lawyers listed near Gloucester being on the lender conveyancing panel. Can you recommend a specific firm on the conveyancing panel for our mortgage company?
We are not in the business of recommending one firm above another as the right Gloucester conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Gloucester knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..