Posts Tagged buyer
Reasons For An Extended Lease
Posted on July 25, 2011 | Real Estate Law.
Getting an extension on a lease is a benefit to most leaseholders and therefore is something which is seriously worth considering. Under statute you have the legal right to get an extension on your lease for up to 90 years (Leasehold Reform Act 1993). Once this extension is granted, you are no longer liable to pay ground rent to your landlord. This article discusses the benefits of getting an extension on your lease.
One of the main reasons you should think about extending a lease is because as your lease decreases, so does the value of your property. If you have a very long lease (such as one that lasts for more than 100 years) then this will make little difference to the value of your property, but once that number starts to go down, then the money you can expect to make on the flat or house will also decrease. This is why extending a lease is encouraged.
Another reason to consider an extended lease as soon as you can is to avoid having to pay what is called marriage value. This is charged on leasehold extensions where the original lease has less than eighty years to run, so it is definitely in your interests as the leaseholder to start the application process as soon as you can. As long as you have owned the property for two years and your original lease had at least 21 years on it, you will be eligible to apply.
Also, if you think that you are going to want to sell your property in the future, then you should give some thought to an extended lease. This is because it can be harder to sell your property on if the lease has less than 60 years to run as mortgage lenders are more likely to view it sceptically. So, not only will a short lease make it harder for you to find a buyer for the property, but even if you do then your buyer is likely to find it tricky to get a mortgage to complete the deal.
Finally, extending a lease can give you peace of mind as it means you won’t have to worry about what will happen if you are still living in the property when the lease runs out. It makes overall good sense, so if you are interested in an extended lease, get in touch with a specialist solicitor.
Selecting The Right Real Estate Attorney To Negotiate A Home Purchase
Posted on June 7, 2011 | Real Estate Law.
In the quest of having a dream home, finding it is just half the battle won. The other half is negotiating with the seller about the asking price and bringing it down to the buyer’s desired contract price.
Now, most people think that dealing with the seller during the negotiation is easy and that a simple discussion over coffee will be enough to close the deal. Well, if you happen to find a four-leaf clover that might be the case.
But for those who are unsure of what to do, especially for the first timers, having a real estate attorney at your side will definitely help in having a settlement favorable to you. They will guide you through the process, ensuring that your rights as a buyer will be protected and that all legal documents will be reviewed and filed properly.
Getting a real estate attorney may add quite a cost on your budget. Below are some tips on how to get a lawyer that will provide you with the best service for your money.
If you have a real estate agent or broker working with you with your purchase, they may have referrals you can look into for possible service. However, keep in mind that this set up can present a conflict of interest as the lawyer, because of whatever relationship they have with your agent or broker, may be pushed to settle a deal, despite your conditions, to be able to provide your realtor with a closed deal for their commission.
If you want to avoid this kind of arrangement, you can also ask your family and friends for referrals. You can also look them up on the directory or on the internet for fast, unbiased searches. Be sure to check out available reviews to know that you are getting the best possible attorney to help you.
Before settling on any attorney, interview your prospects one by one. Get to know their record, background and ask for possible client referrals you can contact as references. An attorney is there to help you through the negotiating process, so you want to know that you are choosing the right person for the job.
Ask for the kind service they are willing to pay and for how much. This will help you get an idea how much legal service you can have with your budget and who among your “applicants” can work within your fee.