Why is leasehold purchase conveyancing in Tutbury costs more?

Tutbury leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.

How do I check that the solicitor handling my conveyancing in Tutbury is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Alliance & Leicester thus paying £192.00 in another set of conveyancing charges.

Feel free to make the most of the search tool on this site. Please choose the lender and type ‘Tutbury’ or your preferred area and you will be presented with a number of lawyer offices in Tutbury or near you.

My colleague advised me that where I am purchasing in Tutbury I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?

A search of this type is occasionally included in the estimate for your Tutbury conveyancing searches. It is not a small document of more than thirty pages, listing and detailing important information about Tutbury around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Tutbury Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Tutbury Education with plans and statistics, Local Amenities and other useful information concerning Tutbury.

Are there restrictive covenants that are commonly identified during conveyancing in Tutbury?

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

Can you provide any advice for leasehold conveyancing in Tutbury from the point of view of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Tutbury can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers’ representatives.
The majority of freeholders or managing agents in Tutbury levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Tutbury. Some Tutbury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Tutbury leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. If you fail to have the approvals to hand do not communicate with the landlord without checking with your conveyancer in advance. You believe that you know the number of years left on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I am the registered owner of a split level flat in Tutbury, conveyancing having been completed in 2000. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Tutbury with an extended lease are worth £192,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2079

With just 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 plus legals.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.