Can you explain why leasehold purchase conveyancing in Cannington costs more?

The conveyancing costs on a leasehold premises in Cannington is inevitably greater as compared to a freehold transaction. This is due to the supplemental time necessary in dealing with the landlord and managing agents to collate the evidence concerning whether the rent and service fee have been discharged and whether there are any major works due in the near future on repairs or maintenance of the block.

I require fast conveyancing in Cannington as I have a deadline to sign on the dotted line within 3 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?

As you are are a cash buyer you have the choice not to do searches although no conveyancer would recommend that you don't. Drawing on years of experience of conveyancing in Cannington the following are examples of issues that can show up and therefore impact the marketability of the property: Refused Planning Applications, Overdue Fees, Outstanding Grants, Road Schemes,...

Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Cannington I like with amenity areas and station nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Cannington in this price bracket, so just wondered if I would be making a grave error buying a short lease?

Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.

My brother has suggested that I instruct his lawyers for conveyancing in Cannington. Do I follow his advice?

Much as we are happy to recommend a Cannington conveyancing lawyer the ideal way to choose a conveyancing practitioner is to have feedback from friends or family who have experience in using the solicitor you're considering.

I am employed by a busy estate agent office in Cannington where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Cannington conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.

Leasehold Conveyancing in Cannington - Examples of Questions you should consider Prior to buying

The majority of Cannington leasehold flats will have a service charge for maintenance of the block set by the management company. If you purchase the flat you will have to meet this liability, normally periodically accross the year. This can be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a rentcharge for you to pay annual, normally this is not a exorbitant amount, say about £50-£100 but you need to enquire it because occasionally it can be many hundreds of pounds. How much is the service charge and ground rent on the apartment? How many years remain on the lease?