Why is leasehold purchase conveyancing in Loddon is more expensive?

The conveyancing charges for a leasehold premises in Loddon is inevitably more expensive as compared to a freehold transaction. This is due to the supplemental time required in dealing with the landlord and management company to obtain evidence about whether the rent and service charges have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.

I own a 4 bedroom Victorian house in Loddon. Conveyancing practitioner represented me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the matching property. Is it worth asking Leeds Building Society to clarify?

You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Loddon and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing practitioner who completed the work.

I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Loddon is the location of the property. What do you suggest?

Flying freeholds in Loddon are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Loddon you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Loddon may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.

I need to appoint a conveyancing solicitor for leasehold conveyancing in Loddon. I happened to discover a web site which seems to have the ideal answer If there is a chance to get all the legals completed via web that would be preferable. Do I need to be concerned? What should out be looking out for?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am attracted to a two flats in Loddon both have approximately 50 years left on the leases. Will this present a problem?

There are plenty of short leases in Loddon. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena.

I invested in buying a basement flat in Loddon, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Loddon with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2096

With only 71 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.