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.
How do I protect against being gazumped?
The practice of choosing to reject the first offer post-acceptance after a second buyer has made a better offer is called gazumping. Because acceptance of an offer is not binding on the seller until exchange of contracts, there is a chance of gazumping. The first step in reducing the chance that gazumping will effect you is to instruct a conveyancing solicitor as early as possible.
Do you advise that I get a chancel search? We are buying next to church land in Crickhowell.
Chancel repair liability can require some Crickhowell home owners to cover the cost of maintenance of nearby church property. Several sources are used to determine liability in Crickhowell, including local maps.
Handling the legal work without using a Crickhowell conveyancing solicitor looks to be possible when buying and selling a maisonette. However, would it really be an unrealistic idea ?
If you want to endeavour to do so you can complete the bulk of the conveyancing without the help of a specialist Crickhowell conveyancer .
All lawyers would argue that inherently this is a hazardous idea as DIY conveyancers don't have applicable cover which all solicitors practices are bound to carry.
If I want to build an extension or do other works once I move in, can I get a builder to visit to give me a quote?
There is nothing stopping you trying to organise this, so long as you set a date and time that’s acceptable to the vendor (or via their estate agent if they are unable to be there) and try to establish how long the process will take, so that this can be booked in.
This becomes particularly critical following a surveyor’s inspection where remedial works are identified and recommended. You can use the quote from the builder as a renegotiation tool on the asking price, if the work required is going to be particularly costly. If you decide to go down this route, it must be done before exchange of contracts (where you’re committing to the sale price) and you should inform your solicitor if you’ve had private discussions and agreements with the vendor over price for inclusion in the terms of the contract.
Is Homeward Legal able to very fast completions on the conveyancing of auction properties in Crickhowell?
Yes - Homeward Legal do frequently work for buyers at auction. Our panel of lawyers have previously worked for many vendors at regional residential property auctions including Acuitus, Allsop (Commercial), Allsop (Residential), Auction House London, Award Property, Barnett Ross, Baxtons, Brendons Auctioneers, Countrywide Property Auctions and Drivers Norris.
Smart auction buyers always decide on a SRA regulated lawyer as ahead of time as possible to allow adequate time for an investigation of the property's legal title in advance of the date of the auction.
Post property auction your selected conveyancing solicitor is thoroughly ready for completing all of the legal work within the limited time frame as conventionally required .
How much is stamp duty and land transaction tax?
The Stamp Duty Land Tax (SDLT) is based on a trigger threshold of £125,000, followed by a calculation of increasing percentages against the price bands, which are then added together:
- Less than £125,000 = 0%
- £125,000-£250,000 = 2%
- £250,000-£925,000 = 5%
- £925,000-£1,500,000 = 10%
- More than £1,500,000 = 12%
For example, a house bought for £450,000 will trigger SDLT at £12,500 (£0 for the first £125,000, £2,500 for the next £125,000, and £10,000 for the next £150,000 as the price falls in the first three bands).