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.
Shrivenham lawyers apply for a variety of property if instructed by a home purchaser - which particular searches?
When you are taking out a mortgage lender mandates the following Local Authority Search, Drainage Search (Con29DW) and Environment Search, and, depending on certain criteria, area-specific searches e.g. a Contaminated Land.
What will the council tax cost me for a Victorian Band G maisonette in Shrivenham?
Your council tax band should normally be given as part of the report on title along with the governing local authority. The latest council tax charges for properties in Shrivenham are set out in detail on the Vale of White Horse council site. As at, 07 January 2013, the rates are:
- Band A - £995.00
- Band B - £1,161.00
- Band C - £1,327.00
- Band D - £1,493.00
- Band E - £1,825.00
- Band F - £2,157.00
- Band G - £2,488.00
- Band H - £2,986.00
If I plan to buy near Shrivenham, in the parish of Tisbury, do we need a chancel search?
Your property solicitor may suggest that a chancel search be taken out, whichever parish where the property being bought is located. In older areas of Shrivenham, chancel repair may be imposed on current owners of a property where parish councils have not imposed the same liability on the last owners. In the event that chancel liability may apply, your solicitor might recommend insurance rather than pulling out of the purchase.
Should I accept an offer on my home if I haven’t found one to buy?
From your prospective buyer’s standpoint, they are not going to want to wait around for you to find somewhere to move to necessarily, meaning that they might drop out of the process to look for a property that is more readily available. However, you might want to have the discussion with your estate agent as to the best way to manage this as part of the process of putting your house on the market.
It’s not always going to be easy for everyone in the chain to have everything lined up from mortgage offers, sale price agreements, solicitors, surveys and so on. Therefore, you can be honest and tell your prospective buyer that, while you’re accepting the price, you haven’t completed your part in the chain; if they are unhappy with this, your other option is to consider a short-term rental or moving in with friends temporarily to protect the sale.
With our experienced solicitors at low, fixed-fee quotes with 'No Completion, No Fee' protection, Homeward Legal is in the best position to look after your conveyancing. Call us now on 0800 038 6699 to get started.