Finally the sale completed on my house in Arlesey last March yet the purchaser is calling me to moan that their conveyancer is waiting to hear from mine. What are the post completion sale formalities following completion?
Post completion of your disposal your lawyer is duty bound to forward the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. Depending on the transaction, your solicitor should also send confirmation that the mortgage has been discharged to the purchasers conveyancers. There is unlikely to be post completion requirements peculiar conveyancing in Arlesey.
How do I discover of the solicitor handling my conveyancing in Arlesey is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Alliance & Leicester thus paying £187.00 plus VAT in supplemental legal bill.
You should make use of the search tool on this site. Please choose the mortgage company and type ‘Arlesey’ or your preferred area and you will be presented with a number of lawyer based in Arlesey or nearest you.
three months have elapsed since my purchase conveyancing in Arlesey concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Arlesey differ for new build properties?
Most buyers of new build premises in Arlesey approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Arlesey typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Arlesey or who has acted in the same development.
We are four weeks into a leasehold purchase having been referred to conveyancers by the estate agent to handle our conveyancing in Arlesey. I am not happy. Can you you assist me in finding new lawyers?
A solicitor would have to be very poor in order to consider diss instructing them. Has the mortgage been sent? If so you must advise them of the new contact details and ensure the offer are re-sent. Your new solicitor ideally needs to be on the mortgage company approved list to avoid added expenses and complications. That should be your starting point. Our search tool will help you find a bank approved lawyer for your conveyancing in Arlesey
I am looking at a couple of maisonettes in Arlesey both have approximately 50 years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Arlesey is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Arlesey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Arlesey Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
-
How long is the Lease? Generally speaking the outlay for major works are not incorporated into the service charges, albeit that a few managing agents in Arlesey ask tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance. Make sure you find out if the the lease includes any unreasonable restrictions in the lease. For instance it is very common in Arlesey leases that pets are not permitted in in a block in Arlesey. If you like the flatin Arlesey yet your dog can’t move with you then you have a very difficult determination.