Is there a reason why leasehold purchase conveyancing in Porthleven is more expensive?
Porthleven leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable 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.
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would prefer to use a Porthleven based conveyancing firm?
You should check but the chances are that allocate you one of their panel solicitors where you accept the "fee-free" offer. Speak to the bank to explore if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Porthleven.
4 months have gone by since my purchase conveyancing in Porthleven concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My cousin has recommend that I instruct his conveyancers in Porthleven. Do I follow his recommendation?
There are no two ways about it it’s preferable to select a conveyancing practitioner is to seek guidance from friends or relatives who have experience in using the firm that you are considering.
I am a negotiator for a reputable estate agent office in Porthleven where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Porthleven conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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.
I invested in buying a 1 bedroom flat in Porthleven, conveyancing having been completed November 2007. How much will my lease extension cost? Corresponding flats in Porthleven with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2076
With 54 years remaining on your lease we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.