Can you explain why leasehold purchase conveyancing in Abbots Langley costs more?
In short, leasehold conveyancing in Abbots Langley and elsewhere usually warrants additional hours of investigation compared to freehold transactions. This includes reviewing the lease, communicating with the landlord about serving applicable notices, procuring up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first granted.
If you had a top tip for choosing a conveyancing solicitor in Abbots Langley what would it be?
We would encourage you not to go for the lowest Abbots Langley conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
We were going to get a OIP from HSBC this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Abbots Langley solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Abbots Langley solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I am currently in the process of buying my council flat in Abbots Langley. I have a mortgage agreed with Nationwide. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
Me and my brother own a renovated Georgian property in Abbots Langley. Conveyancing practitioner acted for me and Coventry Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the exact same address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Abbots Langley and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing solicitor who conducted the purchase.
I'm buying a new build house in Abbots Langley benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of additionals instead. The house builders rep advised me not to tell my lawyer about this extras as it may adversely affect my loan with Birmingham Midshires. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a property in Abbots Langley before appointing lawyers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some lenders will refuse to grant a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Abbots Langley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Abbots Langley to see if the conveyancing costs will increase in light of this.
I only have 68 years remaining on my lease in Abbots Langley. I now want to extend my lease but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. For most situations an enquiry agent may be useful to carry out a search and prepare a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Abbots Langley.
I inherited a basement flat in Abbots Langley, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Abbots Langley with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2080
With only 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.