Why is leasehold purchase conveyancing in Bitterne costs more?

In short, leasehold conveyancing in Bitterne and elsewhere usually involve extra hours of investigation compared to freehold conveyancing. This includes analysing the lease terms, communicating with the landlord concerning the service of applicable notices, securing current service charge and management information, procuring the landlord’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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.

Just had an offer accepted on a new build apartment in Bitterne. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Bitterne

There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.

I am one month into a freehold purchase having been directed to conveyancers by the high street agent to carry out the conveyancing in Bitterne. We are not happy. Can you you assist me in finding new conveyancers?

A conveyancer would need to be very bad to suggest changing them. Has the mortgage offer been issued? In the event that it has you need to inform them of the new contact details and ensure the mortgage documents are issued to the new lawyers. Your solicitor ideally needs to be on the lenders panel to avoid added fees and frustration. That should be your first question of the new lawyers. Our search tool will help you find a bank approved lawyer for your conveyancing in Bitterne

When it comes to leasehold conveyancing in Bitterne what are the most frequent lease defects?

Leasehold conveyancing in Bitterne is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

Insurance obligations Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

I inherited a split level flat in Bitterne, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Bitterne with a long lease are worth £195,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2088

With only 63 years remaining on your lease we estimate the price of your lease extension to range between £16,200 and £18,600 as well as legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other 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 based on this information before getting professional advice.

As a leasehold owner I am on the hook for a maintenance contribution for my ground floor flat in Bitterne. Due to losing my job and personal issues I slipped behind with remittance. The management company agreed a payment plan but there is still about £1750 outstanding at the current time.

I now wish to sell and I am concerned this may threaten to derail the sale if I have to pay off the arrears now. Do I have to settle before - is this viable?

Do speak with the lawyer undertaking your Bitterne conveyancing but one option might be to agree for the debt to be attributed to the purchasers. The sale price they pay would be adjusted to reflect the amount of debt they assume. They could then deal with the fees post completion of the purchase.