Is there a reason why leasehold purchase conveyancing in Elephant and Castle is more expensive?

Elephant and Castle leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

How does conveyancing in Elephant and Castle differ for new build properties?

Most buyers of new build premises in Elephant and Castle approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is completed. This is because developers in Elephant and Castle typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Elephant and Castle or who has acted in the same development.

Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Elephant and Castle I like with open areas and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Elephant and Castle in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?

Should you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.

My wife and I purchased a leasehold house in Elephant and Castle. Conveyancing and mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Elephant and Castle who acted for me is not around. Any advice?

The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Elephant and Castle conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Leasehold Conveyancing in Elephant and Castle - Sample of Questions you should consider Prior to buying

What restrictions exist in the Elephant and Castle Lease? Is the freehold reversion owned collectively by the tenants? Its a good idea to discover as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to daily matters such as the upkeep of the communal areas. Enquire of other tenants whether they are happy with their service. Finally, be sure you understand the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending the funds.

What is the reason for my requiring various items of identification ahead of starting selling or purchasing a property in Elephant and Castle?

Elephant and Castle s are required by the Law Society, SRA, HM Land Registry and current AML Regulations to certify that the have checked the identity of their clients. It will also be a condition of your lender if you are taking a mortgage. Furthermore they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and date of birth.