Can you explain why leasehold purchase conveyancing in Rawdon and Yeadon costs more?

In short, leasehold conveyancing in Rawdon and Yeadon and elsewhere usually warrants extra due diligence compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord concerning serving applicable notices, procuring current service charge and management information, obtaining 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 – no matter how many different leaseholders have owned the lease since it was first entered into.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a simple, no chain conveyancing. Rawdon and Yeadon is where the house is located. What do you suggest?

Flying freeholds in Rawdon and Yeadon are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rawdon and Yeadon you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rawdon and Yeadon may decide 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 property.

I have been advised by numerous estate agents in Rawdon and Yeadon to find a property lawyer using your seach tool. Is there a financial upside for Estate Agents to market your services over and above alternative conveyancing organisations?

We don’t offer any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.

Is it best to go with a Rawdon and Yeadon conveyancing practitioner in close proximity to the house I am hoping to buy? I have an old university friend who can execute the legal formalities but her office is a couple of hundredkilometers drive away.

The benefit of a local Rawdon and Yeadon conveyancing firm is that you can attend the office to sign paperwork, deliver your ID and apply pressure on them where appropriate. Having local Rawdon and Yeadon know how is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were happy that should outweigh using an unfamiliar Rawdon and Yeadon conveyancing solicitor solely due to them being Rawdon and Yeadon based.

I am looking at a couple of flats in Rawdon and Yeadon both have in the region of fifty years remaining on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.

I invested in buying a basement flat in Rawdon and Yeadon, conveyancing having been completed April 2012. How much will my lease extension cost? Similar flats in Rawdon and Yeadon with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2085

With just 60 years left to run the likely cost is going to range between £20,000 and £23,000 as well as costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.