Would the conveyancing solicitors that you recommend conduct conveyancing in Worplesdon by way of an attended exchange?
There are a few conveyancing experts carrying out personalised exchanges. Please e-mail us to obtain a conveyancing quote and details as to availability.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Worplesdon?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Worplesdon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey done on a house in Worplesdon before retaining lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders tend not give a loan on this type of home.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Worplesdon. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a couple of maisonettes in Worplesdon which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Worplesdon is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Worplesdon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Worplesdon Conveyancing for Leasehold Flats - A selection of Queries before buying
The majority of Worplesdon leasehold apartments will have a service bill for the upkeep of the block levied on behalf of the management company. If you buy the property you will have to meet this amount, normally quarterly throughout the year. This can be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge to be met annual, this is usually not a significant figure, say about £25-£75 but you need to check it because occasionally it could be surprisingly expensive. The prefered form of lease arrangement is if the freehold interest is owned by the leaseholders. In this situation the tenants enjoy being in charge if their destiny and although a managing agent is usually retained where the building is larger than a house conversion, the managing agent retained by the leaseholders. Where a Worplesdon lease has fewer than eighty years it will affect the salability of the apartment. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will be required to have owned the residence for a couple of years in order to be legally able to carry out a lease extension.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.