Can you explain why leasehold purchase conveyancing in Loddon costs more?

The conveyancing costs for a leasehold property in Loddon is inevitably more expensive than on a freehold residence. This is due to the extra time required in dealing with the landlord and managing agents to collate the information about whether the rent and service charges have been cleared and whether there are any significant expenditure in the near future on repairs or maintenance of the building.

Should my conveyancer be asking questions concerning flooding during the conveyancing in Loddon.

Flooding is a growing risk for lawyers conducting conveyancing in Loddon. There are those who purchase a house in Loddon, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Lawyers are not qualified to give advice on flood risk, but there are a various checks that may be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Loddon. The conventional set of property information forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to discover whether the premises has suffered from flooding. In the event that the property has been flooded in past and is not revealed by the owner, then a buyer may issue a legal claim for losses as a result of such an incorrect response. The buyer’s lawyers should also conduct an enviro report. This will higlight whether there is a recorded flood risk. If so, further investigations will need to be carried out.

Have completed on a a terraced house in Loddon , how long should it take for the Land Registry to record my ownership? My Loddon conveyancing solicitor works at snail pace, so I want to check the land registry aspects are concluded.

There is nothing unique when it comes to conveyancing in Loddon registration formalities. Rather than based on location, timescales can differ depending on who lodges the application, whether it is in order and if the Land registry need to notify any 3rd persons or bodies. Currently roughly 80% of submission are fully addressed in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place after the new owner has moved in to the property therefore an expedited registration is not always an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.

I opted to have a survey completed on a property in Loddon prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies tend refuse to issue a mortgage on a flying freehold property.

It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Loddon. Conveyancing will be smoother if you use a solicitor in Loddon especially if they are acquainted with such properties in Loddon.

I am a negotiator for a busy estate agency in Loddon where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Loddon conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Loddon Leasehold Conveyancing - Sample of Queries Prior to buying

Are any of leasehold owners in dispute over their service charge payments? You will want to discover as much as you can regarding the company managing the block as they can either make living at the property much simpler or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to every day issues such as the tidiness of the common parts. Enquire of other people whether they are happy with them. In conclusion, investigate as to the dates that the maintenance fees are due to the appropriate party and specifically how they are spending the funds. Please note if it is less than eighty years it will affect the marketability of the flat. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. For most Loddonlease extensions you would be required to have owned the premises for two years before you are entitled to extend the lease.