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.
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.
My partner and I are buying in Houghton Le Spring. Can we check if the property is in a conservation area?
Parts of Houghton Le Spring considered be of architectural merit, like 18th century suburbs, may be designated as conservation areas. A property solicitor will discuss what specific restrictions are in place and advise further for conservation areas in Houghton Le Spring.
In 3 months we are likely to move from our detached building in Houghton Le Spring into our next property in Hetton Le Hole . What is the best point to select a removals firm?
Most lawyers will advise that buyers and sellers delay organising removals until the point where contracts have exchanged as in all probability a home moving date will not have been formally agreed. Get more information from Kent D J & D, Quarry Row, Houghton Le Spring, DH4 4AU Telephone: 0191 584 1094 or Goodsintransit, Kingfisher House/Edwin Street, Houghton Le Spring, DH5 8BH on 07847 272274.
Should we be concerned about fixtures and fittings?
Buyers are often frustrated by confusion regarding which fixtures and fittings ought to be included. In order to avoid later issues, a fixtures and fittings form should be completed and will confirm what will be sold with the property.
What sort of local environmental searches in relation to the uncertain risk of a flood in Tyne And Wear will the conveyancer in Houghton Le Spring be able to conduct?
A conveyancing solicitor conducts formal property environmental searches, which include Houghton Le Spring flood risk area data information.
What specific things do I need to look out for if I’m buying a house on the coast?
With worsening weather and floods now becoming increasingly commonplace, with the media remarking on it in depth, buying a property that has a likelihood of flooding is a difficult decision to make. Not only is there the issue of cleaning up if it does flood, but insurance premiums will be much higher (and perhaps even prohibitive).
For homes in coastal areas, there is also the problem of coastal erosion, where some properties have been seen to literally fall into the sea.
However, the good news is that picking a home in a coastal region doesn’t automatically mean that it’s going to be subject to flooding or that it’s eventually going to slip into the sea. The searches ordered by your conveyancing solicitor will identify the level of risk associated with the property and, based on this, your solicitor may recommend that you take out specialist reports (e.g. from Landmark or other organisations) to get a more in-depth description of the risks and options. These are in addition to the standard set and will be charged to you as a disbursement at cost.
Your surveyor will also be able to identify evidence of previous floods and other problems during their inspection and provide advice in their report. If the problems are considered sufficiently severe, the surveyor may also note the specifics for further investigation by your conveyancing solicitor.
Is your solicitor team experienced enough to move quickly on the legal conveyancing of property auction properties in Houghton Le Spring?
We work closely with auctioneers and do frequently take instructions from bidders at auction. It is prudent for bidders to select the conveyancing solicitor as fast as they can so there is time for a title report of the sellers documents prior to the auction day arrives.
Subsequently, following the day of the auction your now prepared property lawyer is able to concentrate on briskly finishing the purchase within the limited time as required by the terms if sale.