Can you explain why leasehold purchase conveyancing in Sherwood costs more?
Sherwood 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.
I am buying a new build flat in Sherwood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Sherwood
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Sherwood I like with a park and station in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Sherwood in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
How do I identify a Sherwood solicitor on the Virgin Money conveyancing panel? I am a keen cyclist and am prepared to travel upto 25kilometers to meet the lawyer.
You can use the search on this page. Please select a mortgage company and your location and you will see a number of Sherwood conveyancing lawyers based on proximity. We have listed some Sherwood conveyancing firms towards the end of this page and you can telephone them to check if they are on the Virgin Money member panel
I have just appointed agents to market my 2 bed flat in Sherwood. Conveyancing lawyers have not yet been instructed, however I have just received a quarterly maintenance charge invoice – what should I do?
It best that you pay the invoice as usual because all ground rent and service payments will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a split level flat in Sherwood, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Sherwood with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2082
With only 63 years left to run we estimate the price of your lease extension to range between £16,200 and £18,600 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.