Can you explain why leasehold purchase conveyancing in Biggleswade is more expensive?

In short, leasehold conveyancing in Biggleswade and elsewhere usually warrants extra work compared to freehold conveyancing. This includes checking the lease terms, communicating with the landlord about the service of required notices, procuring up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first granted.

I need some fast conveyancing in Biggleswade as I am faced with a deadline to exchange contracts within one month. Fortunately I do not require a mortgage. Can I avoid the conveyancing searches to save fees and time?

As you are not taking a home loan you are at liberty not to have searches carried out although no solicitor would advise that you don't. Drawing on our experience of conveyancing in Biggleswade the following are instances of what can be revealed and therefore affect market value: Enforcement Actions, Outstanding Fees, Overdue Grants, Railway Schemes,...

Me and my brother purchased a semi-detached Victorian house in Biggleswade. Conveyancing practitioner acted for me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the matching address. I'd like to know for sure, how can I find out??

You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Biggleswade and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.

I work for a busy estate agency in Biggleswade where we have witnessed a few flat sales derailed due to short leases. I have been given inconsistent advice from local Biggleswade conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?

Provided that the seller has been the owner 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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.

Biggleswade Conveyancing for Leasehold Flats - Sample of Queries before buying

Be sure to find out if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in in a block in Biggleswade. If you love the apartmentin Biggleswade yet your cat can’t live with you then you have a very hard decision. The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this scenario the leaseholders benefit from control and even though a managing agent is usually retained if it is larger than a house conversion, the managing agent retained by the leaseholders. The majority of Biggleswade leasehold apartments will incur a service bill for the upkeep of the building invoiced on behalf of the management company. Should you acquire the apartment you will have to pay this charge, usually quarterly throughout the year. This may vary from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all likelihood there will be a rentcharge to be met yearly, ordinarily this is not a exorbitant figure, say approximately £25-£75 but you should to check it because sometimes it could be surprisingly expensive.

Our conveyancer in Biggleswade has uncovered a defect with the lease for the property we are purchasing in Biggleswade. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.