Is there a reason why leasehold purchase conveyancing in Houghton Le Spring is more expensive?
The conveyancing costs for a leasehold property in Houghton Le Spring is inevitably greater as compared to a freehold acquisition or disposal. This is due to the extra time necessary in communicating with the freeholder and management company to obtain evidence about whether the rent and maintenance fee have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
I'm buying my first flat in Houghton Le Spring with the aid of help to buy. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about the extras as it would impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Houghton Le Spring is the location of the property. Can you offer any assistance?
Flying freeholds in Houghton Le Spring are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Houghton Le Spring you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Houghton Le Spring may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We're first time buyers - agreed a price, but the estate agent advised that the seller will only issue a contract if we use their recommended solicitors as they need an ‘expedited deal’. We would rather use a family conveyancer with experience of conveyancing in Houghton Le Spring
We suspect that the owner is unaware of this demand. If they want ‘a quick sale', turning down a serious purchaser is counter productive. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to instruct your preferred Houghton Le Spring conveyancing solicitors - as opposed tothe ones that will give the estate agent a commission or meet his conveyancing targets pre-set by HQ.
I am looking at a two apartments in Houghton Le Spring which have about fifty years left on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field.
I own a split level flat in Houghton Le Spring, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Houghton Le Spring with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2079
With only 61 years left to run we estimate the price of your lease extension to be between £19,000 and £22,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.