For a fast completion to buy a £793,000 property, what can we do to speed up the transaction?
Instructing a communicative solicitor is essential to faster conveyancing. There are numerous things you can do. These include:
- keeping in regular contact with the solicitor
- promptly answering your solicitor's questions (by email if possible)
- if you intend to get a house survey, doing so as early as you can
How can I buy the freehold of the building in which I’m purchasing a flat?
When you buy a leasehold flat (usually for a lease lasting a long time), it means that you don’t own the building or the land on which it is built. If you want to buy the freehold of the building (either yourself or with other flat-owners), you’ll need to meet a few legal criteria before that can happen (such as the number of flats, the purpose to which the majority of the building is put to, and the number of flat-owners willing to by the freehold).
One additional point to note is that the shorter the lease on any flat, the greater the price of the freehold is likely to be.
You should talk to other residents about your plan as well as finding out how much the freehold will be and getting a professional valuation. Once you are in a position to move ahead, you’ll need to appoint a solicitor to manage the legal aspect of the planned purchase.
Homeward Legal's solicitors are well-versed in dealing with all types of freehold and leasehold purchases. So call us now on 0800 038 6699 and we'll guide you through the process and assign you to one of the best solicitors.
Why is it silly to buy a leasehold with less than 99 years to run?
In large part, if a leasehold drops below 90 years, it’s because mortgage companies will not be willing to lend money to purchase the leasehold. They will almost certainly have a stipulation on the length of the leasehold as part of their criteria for lending.
Most buyers are very aware of this and the trend is for an insistence of the sellers to provide an extension back up to the 99-year or 125-year thresholds before considering its purchase. Otherwise, even if you can finance it, eventually you’ll have to consider the legal cost of extending the lease yourself.
Does 'fixtures and fittings' include things like electric or gas fires?
In the main, fixtures are fixed elements, such as bathroom suites to walls, floors or ceilings, whereas fixtures are free-standing items, like kitchen units. Completion or agreement of a fixtures and fittings form is unfortunately often left to the last minute, when a dispute may jeopordise the transaction.
I would like to know which Borrowash lenders your lawyers are able to work with. Whose panels are your solicitors on?
We are able to work alongside most lenders. A number of mortgage specialists operate in Borrowash, including Mortgage Mission Ltd, 38/Derwent Business Centre/Clarke St, Derby, DE1 2BU, Warren & Shaw Mortgage Services Ltd, 80 Onslow Rd, Mickleover, Derby, DE3 9JG, and Mortgage Advice Bureau, Capital House/2 Pride Pl, Pride Park, Derby, DE24 8QR.