Is there a reason why leasehold purchase conveyancing in Mancot is more expensive?

The conveyancing fees for a leasehold premises in Mancot is inevitably more expensive as compared to a freehold residence. This is because there is an amount of supplemental time required in liaising with the landlord and management company to collate the information concerning whether the rent and maintenance fee have been discharged and whether there are any major works due in the near future on repairs or maintenance of the block.

I am purchasing a garden flat in Mancot. How practical is it for me to do the conveyancing?

Leaving aside the complexities and merits of DIY conveyancing in Mancot you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Mancot.

I need some quick conveyancing in Mancot as I have pressure to exchange contracts inside 3 weeks. Thankfully I do not need a mortgage. Can I avoid the conveyancing searches to save fees and time?

If.Given you are are a mortgage free buyer you have the choice not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Mancot the following are examples of what can show up and adversely affect future mortgageability: Enforcement Actions, Overdue Charges, Overdue Grants, Railway Schemes,...

four months have elapsed since my purchase conveyancing in Mancot concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I am tempted by the attractive purchase price for a couple of apartments in Mancot which have about fifty years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Mancot is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat 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 Mancot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I am the registered owner of a studio flat in Mancot, conveyancing formalities finalised in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Mancot with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease runs out on 21st October 2091

With only 66 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.