My relative advised me that if I am buying in West Malling I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard West Malling conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about West Malling around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning West Malling.
I am looking for a flat up to £235,500 and found one round the corner in West Malling I like with open areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in West Malling in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I'm converting the mortgage on my current home to a buy to let loan with and I will use the ballance of the raised equity as a deposit on further house. The area we are interested in is West Malling. Will your conveyancers be able to act for the two banks and link together the transactions?
Do use our comparison tool on this site to be sure that the conveyancers are on the appropriate lender panels. On the basis that they are your conveyancer will be able to connect the two transactions but you should talk with you lawyer and make clear your desired outcome and needs.