Is there a reason why leasehold purchase conveyancing in London is more expensive?
In summary, leasehold conveyancing in London and elsewhere usually involve more due diligence compared to freehold conveyancing. This includes lease investigation, communicating with the landlord about the service of applicable notices, procuring up-to-date service charge and management information, procuring the freeholder’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.
I am buying a house and the conveyancer has referenced Chancel Repair to which the house could be obligated to contribute to as it falls into the area of such a church. He has mentioned insurance. Is this really required for conveyancing in London
Unless a prior acquisition of the premises completed after 12 October 2013 you can assume that conveyancing practitioners conducting conveyancing in London to remain recommending a chancel search and or insurance against a claim.
How does conveyancing in London differ for newly converted properties?
Most buyers of new build or newly converted property in London come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in London usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in London or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in London I like with a park and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in London in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Are there any apps to assist me to identify a London solicitor on the Alliance & Leicester conveyancing panel? I have wheels and am prepared to travel upto 10kilometers to meet the solicitor.
You can use the tool on this page. Please pick a mortgage company and your location and you will see a number of London conveyancing lawyers based on proximity. We have listed some London conveyancing firms at the bottom of this page and you can ring them to check whether they are on the Alliance & Leicester member panel