Is there a reason why leasehold purchase conveyancing in Faringdon is more expensive?

In short, leasehold conveyancing in Faringdon and Oxfordshire usually necessitates extra due diligence compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord about serving appropriate notices, securing up-to-date service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.

I used Wolstenholmes a few years ago for my conveyancing in Faringdon. Now, I need my documents but the law firm has closed. What do I do?

Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Faringdon of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.

I am looking for a ground for flat up to £195,000 and found one close by in Faringdon I like with a park and transport links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Faringdon in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?

Should you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.

Am I best advised to appoint a Faringdon conveyancing solicitor based in the vicinity that I am purchasing? An old friend can conduct the legal formalities however they are based over three hundred kilometers drive away.

The benefit of a local Faringdon conveyancing firm is that you can pop in to sign documents, deliver your ID and apply pressure on them where appropriate. Having local Faringdon know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and on the whole were happy that should trump using an unfamiliar Faringdon conveyancing lawyer solely due to them being based in the area.

Looking forward to complete next month on a leasehold property in Faringdon. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Faringdon should include some of the following:

You must be informed what counts as a Nuisance in the lease Responsibility for maintaining the window frames Who has the liability to repair and maintain the main walls and foundations. It is essential for you to know who is duty bound to repair and maintenance of every part of the building Changes to the premises What you can do if an adjoining owner is in violation of a provision in their lease?

I bought a split level flat in Faringdon, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Faringdon with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2099

With only 73 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.