Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Muxton I like with open areas and station nearby, however it's only got 52 years unexpired on the lease. There is not much else in Muxton suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
What tools are available to locate a Muxton solicitor on the Platform Home Loans Ltd conveyancing panel? I am a keen cyclist and am happy to travel upto 25miles to meet the solicitor.
You can use the search on this website. Please pick a lender and your location and you will see a number of Muxton conveyancing lawyers locally. We have detailed some Muxton conveyancing firms towards the end of this page and you can call them to verify whether they are on the Platform Home Loans Ltd panel
Is it best to use a Muxton conveyancing practitioner who is local to the property I am buying? I have an old university friend who can execute the conveyancing but they are based over three hundred kilometers drive away.
The benefit of a local Muxton conveyancing practice is that you can pop in to sign paperwork, hand in your ID and pester them if necessary. 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 they were impressed that should surpass using an unknown Muxton conveyancing solicitor solely due to them being round the corner.
Do you have any advice for leasehold conveyancing in Muxton with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Muxton can be bypassed where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers’ solicitors. If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Muxton state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. Should you dont have the consents to hand you should not communicate with the landlord without checking with your lawyer first. If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Arranging a new share certificate is often a lengthy formality and slows down many a Muxton conveyancing transaction. Where a reissued share is needed, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. Some Muxton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I invested in buying a 1st floor flat in Muxton, conveyancing formalities finalised in 2011. How much will my lease extension cost? Similar properties in Muxton with an extended lease are worth £171,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2105
With 79 years unexpired the likely cost is going to span between £7,600 and £8,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Living abroad it is not practicable to travel my Muxton conveyancing practitioners office to sign documents for conveyancing in Muxton – is this a problem?
No. Muxton conveyancing solicitors can handle home moves for clients wider afield. You are unlikely to be required to visit a Muxton conveyancers office. Almost all conveyancer can undertake everything via phone, post and email - whatever works for you.