I have 70 years left on my lease and need a lease extension for my apartment in Timsbury. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 10/7/2019 the requirements read as follows :
I am looking for a leasehold apartment up to £195,000 and found one close by in Timsbury I like with a park and station in the vicinity, however it's only got 61 remaining years left on the lease. There is not much else in Timsbury in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
How can the Landlord & Tenant Act 1954 affect my business premises in Timsbury and how can your lawyers assist?
The particular law that you refer to affords a safeguard to commercial leaseholders, giving them the a statutory right to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and help with commercial conveyancing in Timsbury
My husband and I are new on the property ladder - agreed a price, yet the estate agent told us that the vendor will only issue a contract if we appoint the agent's chosen lawyers as they need an ‘expedited deal’. We would rather use a family conveyancer who is accustomed to conveyancing in Timsbury
We suspect that the owner is unaware of this request. Should the owner want ‘a quick sale', taking such a hostile approach to a motivated buyer is counter productive. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to appoint your own,trusted Timsbury conveyancing lawyers - rather thanthe ones that will provide their estate agent a referral fee or hit his conveyancing thresholds pre-set by senior management.
Can you offer any advice when it comes to choosing a Timsbury conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Timsbury conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Timsbury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
Can they put you in touch with clients in Timsbury who can give a testimonial? What are the costs for lease extension work?
Timsbury Leasehold Conveyancing - Sample of Questions you should ask before buying
Can you tell me if there are any major works in the near future that will add a premium to the maintenance charges? What is the service charge and ground rent on the property? What is the the remaining lease term?