Compare quotes from conveyancing solicitors servicing Pickering

AgentQuote.co.uk helps you compare Pickering conveyancing quotes from property solicitors servicing the Pickering area. We hope you find the service helpful. We search for quotes from Pickering solicitors and conveyancers servicing the Pickering area.

What does Leasehold mean?

Leasehold means that somebody else has title to the land and that you will therefore have to pay a ground rent and possibly also a service charge to the freeholder (owner of the freehold title). It is normally possible to buy the freehold title at a later date as a separate purchase transaction.

It therefore follows that the valuation of two identical properties, one being leasehold and the other freehold, would result in a lower value being applied to the leasehold property.

It is important to check the length of time remaining on the lease (Commonly the leases would have been originally issued with a 99 year life span). If not much time is remaining on the lease it may be difficult to obtain a mortgage, unless the freehold can also be purchased subsequently.

What is Gazumping?

Gazumping is the name given to the circumstance where the seller has accepted a buyer's offer but then accepts a higher one.

This can be avoided by asking the seller/estate agent to stop marketing the property.

A pre-sale contract where the remedy for any breach would be to sue would be created if you obtain the sellers agreement to accept your offer in writing, and you pay a deposit amount (the consideration).

not illegal - just unethical!