Lawyers Leicester

Leicester Conveyancing Solicitors

What do you mean by a transfer of equity ?

Equity runs in tandem with the law.  A transfer of ownership means the beneficial interest in the property will be transferred, sometimes along with the legal title to the property too.

When does a transfer of equity occur ?

A transfer of equity occurs where there has been:

• A divorce or separation

• Marriage

• Where you wish to re mortgage your house

What does Buildings Regulations Consent mean ?

To build a house, develop a property or add an extension,  Buildings Regulations Consent should be obtained from the local council.  If works have been done in the past and Buildings Regulations Consent was not given, then the work may not up to the minimum standards required by the council and you will not have any means to enforce those standards.  Your solicitor, however, is under a duty to investigate the matter.

Can leaseholders acquire a “share of the freehold” ?

Yes it is possible for leaseholders to acquire a share of the freehold by buying a slice of a company that you own with the landlord.  The company owns the freehold and your interest in the freehold is proportionate to the shareholding you own in the company.

Are there any problems associated with buying a “share of the freehold” ?

Yes, there are.  For this type of arrangement to work, you bear in mind that you will have cooperate with other leaseholders.  You should also remember that acquiring a share of the freehold will not mean your leasehold becomes irrelevant.  You will still hold the leasehold as well.

What types of survey are there ?

There are three types of survey including a basic valuation, a Home Buyer’s Report and Valuation and a Full Structural Survey.  A basic valuation is usually carried out at the lender’s request and as the name suggests, it is a very basic survey that does not provide much information about the kinds of risks you will be undertaking.  A Home Buyer’s Report and Valuation is more detailed than a basic survey and has to be carried out by a qualified surveyor.  A Full Structural Survey is the most detailed survey that will reveal detailed information about the structural condition of the property.  However, this is an expensive option.

Is it risky to buy an ex-council flat ?

It can be risky to buy an ex-council flat, as you may have to contribute to costs for updating the flat as per the Government’s request, which can be up to £20,000 or even more.  Unfortunately, when buying the leasehold, it is difficult to predict whether the government will require upgrades in the near future.