Is there a reason why leasehold purchase conveyancing in Billesdon is more expensive?
In summary, leasehold conveyancing in Billesdon and elsewhere usually necessitates more due diligence compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord about serving required notices, obtaining up-to-date service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My lawyer in Billesdon has never been on on the Accord Mortgages Ltd Conveyancing Panel. Is it possible for me to retain my family solicitor notwithstanding that they are excluded from the Accord Mortgages Ltd list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Billesdon solicitors but Accord Mortgages Ltd will need to use a solicitor on their panel. This will result in additional total conveyancing charges and cause frustration.
- Get an alternative lawyer to act in the conveyancing, not forgetting to check they are Convince your conveyancer to use their best endeavours to join the Accord Mortgages Ltd conveyancing panel
I have todaydiscovered that Stirling Law have been shut down. They carried out my conveyancing in Billesdon for a purchase of a freehold house 18 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The quickest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Billesdon conveyancing specialists.
How does the Landlord & Tenant Act 1954 affect my business premises in Billesdon and how can your lawyers assist?
The particular law that you refer to provides protection to commercial leaseholders, granting the right to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and handle your commercial conveyancing in Billesdon
I am employed by a busy estate agency in Billesdon where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Billesdon conveyancing firms. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 own a basement flat in Billesdon, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Billesdon with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2079
You have 54 years unexpired the likely cost is going to range between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.