In the event thatI was to buy a straightforward housein Beacon Hill for cash and have no survey and no conveyancing searches how much would I expect to to save on my conveyancing in Beacon Hill?
The sole saving you would achieve is the costs for searches. A solicitor still be obliged to do everything else - money laundering, correspond with the vendors property lawyer, stamp duty submission, register the title etc. A marginal saving might be made by not having to register a charge but it will not be significant.
I note that there are debates on Chancel Insurance on online forums. Do I require this when acquiring a property in Beacon Hill? or Apparently there is a law dating back centuries that could mean that house owners living in a parish church boundary may be liable to pay for repairs towards the chancel within the church. Is this applicable for conveyancing in Beacon Hill?
Unless a prior acquisition of the premises completed post 12 October 2013 you can expect lawyers conducting conveyancing in Beacon Hill to remain recommending a chancel search and or chancel repair liability policy.
How does conveyancing in Beacon Hill differ for newly converted properties?
Most buyers of new build or newly converted property in Beacon Hill approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Beacon Hill typically purchase the site, 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 conveyancing solicitors 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 Beacon Hill or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Beacon Hill I like with amenity areas and station nearby, however it's only got 49 years unexpired on the lease. There is not much else in Beacon Hill suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
What are the frequently found deficiencies that you come across in leases for Beacon Hill properties?
Leasehold conveyancing in Beacon Hill is not unique. All leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
Beacon Hill Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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Generally speaking the outlay for major works are not incorporated into the maintenance charges, although there some managing agents in Beacon Hill ask leaseholders to pay into a reserve fund and this is used to offset against major works. What is the annual maintenance fee and ground rent? How many years remain on the lease?
What is the reason for new build conveyancing in Beacon Hill being more expensive?
Buying a new build property is completely distinct from the standard house purchase conveyancing in Beacon Hill. Firstly housebuilders ordinarily need contracts to exchange very quickly, the result being a lot of pressure on your lawyer to make sure everything is in order. Furthermore new build properties frequently necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage lender requirements are also more detailed. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.