Our Alresford conveyancer has uncovered a discrepancy between the information in the home valuation report and what is revealed within the conveyancing documents. My lawyer says that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Just had an offer accepted on a new build apartment in Alresford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Alresford
-
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Alresford is the location of the property. Can you offer any guidance?
Flying freeholds in Alresford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Alresford you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alresford may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How does the Landlord & Tenant Act 1954 impact my business premises in Alresford and how can your lawyers assist?
The particular law that you refer to gives protection to commercial leaseholders, giving them the dueness to apply to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Alresford is one of the many areas of the UK in which our lawyers have offices
I am in need of some leasehold conveyancing in Alresford. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Alresford - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a studio flat in Alresford, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Alresford with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2077
You have 52 years left to run the likely cost is going to be between £29,500 and £34,000 plus legals.
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 without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Is there a distinction between surveying and conveyancing in Alresford?
Conveyancing - in Alresford or elsewhere - is the process of legally transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the seller to remedy the problems before you complete your move.