Best case scenario for how long to buy leasehold flat

RedFraggle

Mine was similar, empty share of freehold flat. It was done in 8 weeks BUT I used my usual solicitor who is excellent. I didn't have a survey just a valuation, I had great mortgage credentials and I didn't haggle over stupid things. My vendor was having significant treatment for incurable cancer between the Xmas a New Year and wanted it done so he could divest it to his kids.
We communicated a lot directly between us to make that happen. 
No DoVs were required. Only minor hurdle was initial refusal of my cat. 
So, it can be done but it's certainly not the norm.

LHCalc123

As you have service charges, the lender will want to ensure that if you get into arrears that they will be made aware of the breach of lease. Breaches of lease can result in forfeiture. If you forfeit your lease then the lender loses their asset.

YOU may know you're not going to get into arrears but the lender doesn't. 

Deed of variation to include mortgage protection are becoming a common request

somerandomusername

RedFraggle said:

Mine was similar, empty share of freehold flat. It was done in 8 weeks BUT I used my usual solicitor who is excellent. I didn't have a survey just a valuation, I had great mortgage credentials and I didn't haggle over stupid things. My vendor was having significant treatment for incurable cancer between the Xmas a New Year and wanted it done so he could divest it to his kids.
We communicated a lot directly between us to make that happen. 
No DoVs were required. Only minor hurdle was initial refusal of my cat. 
So, it can be done but it's certainly not the norm.

That's great!

subjecttocontract

Many conveyancing firms offer a premium service at a slightly higher cost. This gives you better access to your solicitor, dedicated phone number, regular updates etc and is well worth paying a little extra for, in my opinion.

somerandomusername

subjecttocontract said:

Many conveyancing firms offer a premium service at a slightly higher cost. This gives you better access to your solicitor, dedicated phone number, regular updates etc and is well worth paying a little extra for, in my opinion.

I'm not paying any premium price from what I know and I'm still getting stellar service from my solicitor, I have her personal number, she always answers if she's not on the phone or out of the office, she responds to emails usually within 30 minutes. She's honestly great.

EssexHebridean

we usually suggest 16 weeks as a rough estimate time for a Leasehold transaction - with the expectation that the likelihood is that it will take anywhere between 12 - 20 weeks. Anything less than 12 is unusually fast though. 

Is the property likely to fall within the remit of the BSA2022? If it is I'm afraid that is another factor which is likely to slow things down. 

somerandomusername

EssexHebridean said:

we usually suggest 16 weeks as a rough estimate time for a Leasehold transaction - with the expectation that the likelihood is that it will take anywhere between 12 - 20 weeks. Anything less than 12 is unusually fast though. 

Is the property likely to fall within the remit of the BSA2022? If it is I'm afraid that is another factor which is likely to slow things down. 

Unlikely, it's only 3 stories high, solid brick no cladding. So EWS1 assessment isn't required. 

EssexHebridean

That will help, then. 

saajan_12

Largely irrelevant to consider the best case, it'll be meaningless if you start demanding the other parties adhere to that. 

Having said that mine was pretty quick - 6-7 weeks involving a freeholder, management co and including a tenant moving out (voluntarily, no eviction process). With a mortgage application as well, though their valuation may not have been so in depth given the low LTV.