Why is leasehold purchase conveyancing in Nantyglo is more expensive?
The conveyancing costs on a leasehold premises in Nantyglo is often higher when contrasted to a freehold acquisition or disposal. This is due to the extra investigations necessary in corresponding with the landlord and managing agents to obtain information concerning whether the rent and service charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
My wife and I own a renovated Victorian house in Nantyglo. Conveyancing solicitor acted for me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Nantyglo and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the work.
How does conveyancing in Nantyglo differ for newly converted properties?
Most buyers of new build premises in Nantyglo approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Nantyglo typically acquire the site, 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 used to new build conveyancing in Nantyglo or who has acted in the same development.
I'm remortgaging my existing home to a buy to let loan with Nottingham Building Society and intend to use the remaining equity towards further property. The location we are looking at is Nantyglo. Will your solicitors be able to act for both sets of banks and tie in the two deals?
Do use our comparison tool on this site to check that the solicitors are on the relevant lender panels. Assuming that they are the lawyer will be able to connect the two transactions but you should have a chat with you solicitor and make clear your expectations and requirements.
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Nantyglo. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Nantyglo are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Nantyglo so you should seriously consider looking for a Nantyglo conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I bought a ground floor flat in Nantyglo, conveyancing was carried out 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Nantyglo with a long lease are worth £181,000. The ground rent is £55 yearly. The lease ends on 21st October 2071
You have 51 years remaining on your lease we estimate the price of your lease extension to span between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.