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.
What can we do to defer paying for stamp duty to the Revenue?
SDLT is payable on property over 125,000 pounds. Stamp duty mitigation should not be considered when purchasing in High Peak, as such schemes are often uneconomical and HMRC may challenge a scheme up to six years later. There have been a small number of official schemes, however, such as disadvantaged area relief.
What factors can contaminate land in High Peak, and will they be comprehensively investigated?
Property will be contaminated by numerous natural causes and human activities. Issues like other sources of contaminated land and proximity to scrap yards should be considered as part of the appropriate search.
Would getting a home buyers survey be a good idea if we are purchasing a house?
It is heavily suggested that purchasers in High Peak order a house survey when purchasing in High Peak. There are a range of problems that affect a property, including cracks around door frames and wet rot. These will not be reported on by a solicitor.
I've had a conveyancing quote from you. Will there be any supplementary hidden charges?
No. Homeward Legal never hide any extra, hidden charges under any circumstances.