Are there restrictive covenants that are commonly picked up during conveyancing in Ledbury?

Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ledbury. 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…’

How does conveyancing in Ledbury differ for new build properties?

Most buyers of new build premises in Ledbury contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Ledbury typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ledbury or who has acted in the same development.

I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Ledbury is the location of the property. Is there any guidance you can give?

Flying freeholds in Ledbury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ledbury you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ledbury may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

Am I better off to appoint a Ledbury conveyancing solicitor who is local to the property I am buying? We have a good friend who can perform the conveyancing but his firm is located approximately 350kilometers away.

The benefit of a high street Ledbury conveyancing firm is that you can visit the firm to sign paperwork, hand in your identification documents and pester them where appropriate. Having local Ledbury know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and the majority were impressed that must surpass using an unknown Ledbury conveyancing solicitor just because they are local.

I am a negotiator for a long established estate agent office in Ledbury where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Ledbury conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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 prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 purchaser.

I invested in buying a ground floor flat in Ledbury, conveyancing having been completed May 2008. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ledbury with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ends on 21st October 2082

With just 57 years unexpired the likely cost is going to span between £28,500 and £33,000 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.