I am not well enough to travel far from Gunnislake. Can you please clarify why all Gunnislake conveyancers aren't automatically on all bank panels?
As unjust as it may seem for mortgage companies to limit who can act for them, from the public’s or conveyancer’s standpoint, the the contrary view is that lenders are becoming ever more anxious and regard it imperative to protect them against illegal activities. As a result of this concern lenders have restricted their conveyancing panel to a size that they are happy to control.
I am hoping to move into my new home in Gunnislake next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not unique to conveyancing in Gunnislake.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Gunnislake I like with amenity areas and station nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Gunnislake in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I have been pointed in your direction by numerous selling agents in Gunnislake to get a quote from a solicitor on your site. What’s the financial incentive for Estate Agents to recommend your services over and above alternative conveyancing organisations?
We refuse to offer any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am attracted to a two apartments in Gunnislake which have in the region of fifty years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Gunnislake is a wasting 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 premises. For most buyers and mortgage companies, leases with under eighty 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 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 property 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 Gunnislake 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I am the registered owner of a basement flat in Gunnislake, conveyancing having been completed December 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Gunnislake with over 90 years remaining are worth £265,000. The ground rent is £50 per annum. The lease ceases on 21st October 2098
With 76 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus 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 supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.