Why is leasehold purchase conveyancing in Market Drayton is more expensive?

Market Drayton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

My partner and I are selling our property in Market Drayton and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A high street Market Drayton conveyancer would know that there is no such problem. It does beg the question why the buyers used a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Market Drayton. We have lived in Market Drayton for 5 years we know that this is a non issue. Should we get in touch with our local Authority to get confirmation that there is no issue.

It sounds as though you may have a conveyancing firm already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)

I am looking for a ground for flat up to £195,000 and identified one near me in Market Drayton I like with open areas and station nearby, however it's only got 49 years on the lease. There is not much else in Market Drayton suitable, so just wondered if I would be making a grave error acquiring a short lease?

If you require a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.

Am I better off to instruct a Market Drayton conveyancing solicitor in close proximity to the house I am purchasing? An old friend can handle the legal work but her office is a couple of hundredmiles drive away.

The primary upside of using a high street Market Drayton conveyancing firm is that you can attend the office to sign paperwork, hand in your identification documents and pester them where appropriate. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and on the whole were happy that should outweigh using an unfamiliar Market Drayton conveyancing solicitor solely due to them being local.

I am employed by a busy estate agent office in Market Drayton where we have experienced a few flat sales put at risk as a result of short leases. I have received contradictory information from local Market Drayton conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension process for the buyer?

Provided that 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

Market Drayton Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

It would be sensible to find out as much as possible regarding the managing agents as they can either make your living at the property much simpler or problematic. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to daily matters such as the cleanliness of the common parts. Enquire of other people what they think of their service. In conclusion, investigate as to the dates that the service fees are due to the relevant party and specifically what it includes. The majority of Market Drayton leasehold flats will incur a service bill for maintenance of the building invoiced by the management company. Where you acquire the flat you will have to meet this charge, normally quarterly throughout the year. This can be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a rentcharge to be met yearly, ordinarily this is not a large figure, say around £50-£100 but you need to enquire as sometimes it could be many hundreds of pounds. What is the name of the managing agents?