We hired a high street lawyer for my conveyancing in Rhos On Sea yesterday. Going through the small print I noteI am responsible for charges even if the movedoes not go ahead. Should I ditch them and use an internet lawyer who offer no move no charge conveyancing in Rhos On Sea?
Generally there is a compromise along the lines that if "No Sale No Fee" is offered then the fee levels will generally be more expensive to cover the cases that do not proceed. You should be mindful that such offerings generally do not cover disbursements such your Rhos On Sea conveyancing search costs.
I am about to put an offer on a leasehold apartment in Rhos On Sea. The selling agents advise that it is usual for flats in Rhos On Sea to have less than 75 years remaining. I am expecting a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has 70 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/2/2019 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
2 months have elapsed following my purchase conveyancing in Rhos On Sea took place. I have checked the Land Registry website 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 premises 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.
I am looking for a ground for flat up to £195,000 and found one round the corner in Rhos On Sea I like with amenity areas and railway links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Rhos On Sea in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years will likely be an issue. Discount the price by the anticipated 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 can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am attracted to a couple of flats in Rhos On Sea both have approximately fifty years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
I inherited a garden flat in Rhos On Sea, conveyancing was carried out July 1995. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Rhos On Sea with an extended lease are worth £175,000. The ground rent is £65 yearly. The lease runs out on 21st October 2077
With 58 years left to run we estimate the price of your lease extension to span between £23,800 and £27,400 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.