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

Astwood Bank leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

Our lender has recommended a law firm on their panel based in Astwood Bank but I would rather use a conveyancing lawyer in Astwood Bank round the corner to me. Can you help?

Far from all Astwood Bank conveyancing firms are listed all banks conveyancing panel. Do make the most of our find an approved solicitor tool to find a Astwood Bank conveyancing firm on the on the bank panel.

Various online forums that I have visited warn that are the main cause of stalling in Astwood Bank house deals. Is this right?

The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Astwood Bank.

How does conveyancing in Astwood Bank differ for new build properties?

Most buyers of new build residence in Astwood Bank contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Astwood Bank tend to purchase the site, 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 used to new build conveyancing in Astwood Bank or who has acted in the same development.

I only have 62 years remaining on my lease in Astwood Bank. I am keen to get lease extension but my landlord is absent. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the landlord. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court overseeing Astwood Bank.

I invested in buying a studio flat in Astwood Bank, conveyancing was carried out October 2002. 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? Equivalent flats in Astwood Bank with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2078

You have 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 as well as costs.

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 detailed due diligence. 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 should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.