Why is leasehold purchase conveyancing in Herne Bay is more expensive?

In short, leasehold conveyancing in Herne Bay and Kent usually involve more work compared to freehold conveyancing. This includes analysing the lease terms, liaising with the landlord concerning the service of applicable notices, securing current service charge and management information, procuring 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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.

Over the last few months I have been searching for a flat up to £195,000 and found one near me in Herne Bay I like with a park and station nearby, however it only has 51 remaining years left on the lease. There is not much else in Herne Bay for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?

Should you need a mortgage that many years will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.

Am I best advised to choose a Herne Bay conveyancing lawyer in close proximity to the house I am buying? I have an old university friend who can perform the conveyancing but his firm is located over three hundred kilometers away.

The benefit of a local Herne Bay conveyancing practice is that you can drop in to execute documents, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that should surpass using an unfamiliar Herne Bay conveyancing solicitor just because they are based in the area.

My wife and I purchased a leasehold house in Herne Bay. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Herne Bay who previously acted has now retired. What should I do?

The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Herne Bay conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Herne Bay Leasehold Conveyancing - Sample of Queries Prior to Purchasing

Best to be warned whether redecorating or some other significant cost is anticipated that will be shared by the leaseholders and will dramatically increase the the maintenance costs or necessitate a specific invoice. Plenty Herne Bay leasehold flats will be liable to pay a service bill for maintenance of the block set on behalf of the freeholder. If you buy the property you will have to meet this charge, normally quarterly accross the year. This may differ from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent to be met annual, this is usually not a significant amount, say around £50-£100 but you should to enquire it because on occasion it could be many hundreds of pounds. What restrictions are contained in the Herne Bay Lease?

What are the specific advantages to instructing a local property lawyer in Herne Bay

Many purchasers and sellers in Herne Bay choose a local solicitor so that they can attend the lawyer’s offices if they have questions, and to collect mortgage deeds without using the Royal Mail.

There is a slight benefit when selecting a conveyancer local to a premises you are hoping to purchase, due to the knowledge of the area and potential local issues - however this is moot. The majority of conveyancers are now over the web and may be any place in the world.