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.
Is there a benefit to going to auction over a standard estate agent sale?
The majority of homes sold via an estate agent will be in a reasonable condition and usually modernised, whereas auction properties will often require a lot of modernisation or structural work before it can be lived in. That’s not to say you can’t use either for your sale, of course, irrespective of the state of the property.
Whichever option you choose, you should line up a focused, proactive solicitor on a fixed-fee agreement protected by a ‘No Completion, No Fee’ guarantee. You should appoint them as early as possible, too, so that the conveyancing work can start immediately – this is particularly important for auctions, as there is usually a four-week completion stipulation on its sale.
At Homeward Legal, we offer you’re the best quality service on all types of sale and purchase, including auctions, for competitively low fees protected by our 'No Completion, No Fee' guarantee. Try our online quote calculator or call our team on 0800 038 6699.
Environmental searches are fine but with recent weather changes e g the major flooding in Sept 2012 in South West England are they comfort enough to ascertain sufficient information about the risk of flooding in Cirencester?
Flood searches carried out by a conveyancer in Cirencester should include the more rigorous search (Landmark) if the risk is deemed significant.
You might be able to speak to a local resident for additional local information.
Will you need a chancel search? I am buying a Cirencester house next to a church.
There are 15000 Church of England and Church of Wales parishes throughout the UK. Property owners within some of these may be required to subsidise the repair of a local church. A chancel search addresses if such a liability exists. Your conveyancing solicitor will suggest an appropriate indemnity policy to address chancel liability. Churches in the local area include All Saints and St John the Baptist.
We are buying a converted flat within a Cirencester conservation area. How do we lay my hands on data in regards to the state of upkeep?
English Heritage, a government body, now maintain records of the state of repair of conservation areas. Conservation areas in Cirencester are specified by the local Wiltshire planning authority, who administer everything from property boundaries to street posts.