Should I get my short lease extended before selling?
Buyers are becoming increasingly wary of buying leaseholds with less than 90 years to run because, first, the cost of increasing a leasehold is becoming far more expensive, and, second, mortgage companies are becoming increasingly reticent to lend money to buy leases that have dropped below the 80-year mark (indeed, this will be one of the criteria that they set to ensure their investment is protected).
As a result, buyers will often insist that the leasehold be extended back up to the 99-year or 125-year typical thresholds before going ahead and buying it. So, as the current leaseholder, you will almost certainly be expected to do the legal work required to extend the lease to a level that buyers will be happy with.
Do you recommend that we get a chancel search? We are purchasing a home on the same road as priory grounds in Central London.
Property owners neighbouring a church in the area are expected to pay for repairs, as a result of chancel repair liability. A chancel search is employed to check whether such a liability exists. Liability is more common in some parts of the country. The solicitor carrying out the legal work for your move will confirm that a chancel search is appropriate.
I am purchasing a period investment flat in a Central London conservation area. Where does one uncover more details on the state of repair of the Central London conservation area?
English Heritage administer a list of the state of conservation areas. Local Central London conservation areas are specified by Westminster who govern everything from building materials to billboards.
The current owner has added satellite dishes to the flat in Central London which might conflict with nearby conservation area rules
Your instructed solicitor will confirm if the property is inside a conservation area and whether any modifications have the required permission from the local council.
Should I organize a private purchase of items on the Fixtures and Fittings form?
This would be very unwise as the Fixtures and Fittings Form (TA10) forms part of the contract, and it lists all the items that the seller is planning to leave at the property with an agreed price for anything they want money for.
To try to organise a private sale outside of this clear and controlled process may result in difficulties later on in the process, which is precisely why this form is in place. If you want something to remain that’s not listed on the Fixtures and Fittings Form, raise a query through your solicitor so that negotiations may be formally carried out.
Worried about what your responsibilities are in the legal side of your move? Let Homeward Legal help with their experience and low fixed fees. Call our team now on 0800 038 6699.
Which of the mortgage lender panels in Central London are you on?
Homeward Legal have worked with all the major lenders who are Council of Mortgage Lenders-approved. A number of mortgage specialists operate in Central London, such as Bishopsgate Mortgage Services, 146 Strand, London, WC2R 1JA, and Bolt Allen, 90 Long Acre, London, WC2E 9RA. Your solicitor can carry out any relevant lender-imposed searches or checks.