I am under pressure from the owner of a property in Leighton Buzzard to sign contracts within four weeks. What can I do to speed up matters?
In a situation where you are under a tight deadline to sign contracts it is advisable to make sure that your solicitor is familiar with the area as they will make use of local contacts and knowledge. It is even conceivable that they could have transacted otherproperties in the same neighbourhood. You would be best advised to use a Leighton Buzzard conveyancing solicitor. Second, be sure that the lawyer is on the on the approved list for your mortgage company. It is believed that nearly one in five of Leighton Buzzard conveyancing deals are held up or derailed after discovering a purchaser’s conveyancer was not on their mortgage lender’s panel. In many cases this discovery resulted in the buying process being frustrated by almost 21 days. It is said that this issue impacts in the region of one hundred thousand home sales every year. Most Leighton Buzzard conveyancing firms can not act for certain lenders so do check at the outset.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Skipton Conveyancing panel ahead of completing my conveyancing in Leighton Buzzard?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Leighton Buzzard I like with amenity areas and railway links in the vicinity, however it only has 49 years on the lease. There is not much else in Leighton Buzzard for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I need to find a conveyancing solicitor for freehold conveyancing in Leighton Buzzard. I've stumble upon a site which appears to be the ideal answer If there is a chance to get all formalities completed via email that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a couple of maisonettes in Leighton Buzzard which have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Leighton Buzzard is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and banks, leases with less than 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 Leighton Buzzard conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Leighton Buzzard Leasehold Conveyancing - A selection of Queries Prior to buying
What is the service charge and ground rent on the property? Is anyone aware of any major works on the horizon that could add a premium to the service fees? The answer will be useful as a) areas could cause problems in the block as the communal areas may start to deteriorate where services are not paid for b) if the tenants have an issue with the running of the building you will want to have complete disclosure