What can a local search tell me about the property I am purchasing in Ollerton?

Ollerton conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for example Xpress Legal The local search is essential in every Ollerton conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.

I am buying a new build flat in Ollerton. Conveyancing is daunting 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 conveyancing.

Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Ollerton

There must be mutual enforceability of lessee’s covenants. 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 provide 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.

Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Ollerton I like with a park and station in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Ollerton for this price, so just wondered if I would be making a grave error buying a short lease?

If you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.

I have been pointed in your direction by a few property agents in Ollerton to select a solicitor on your site. What’s the financial advantage for Estate Agents to promote your site over a competitor’s?

We don’t make any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.

Can you provide any advice for leasehold conveyancing in Ollerton from the perspective of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Ollerton can be avoided if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ lawyers.
The majority of landlords or managing agents in Ollerton charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Ollerton. If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Ollerton state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. Should you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor first. You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore 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 property on the market for sale.

Leasehold Conveyancing in Ollerton - Examples of Questions you should ask before Purchasing

What is the maintenance charge and ground rent on the flat? The best form of lease structure is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is often employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. Most Ollerton leasehold flats will incur a service bill for the upkeep of the building levied on behalf of the freeholder. Where you purchase the flat you will have to meet this liability, normally periodically throughout the year. This could differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent to be met annual, ordinarily this is not a large figure, say around £25-£75 but you should to enquire as on occasion it could be many hundreds of pounds.