IfI were to acquire a straightforward housein Bearsted for cash and have no survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Bearsted?
The only saving you would achieve is the costs for searches. A conveyancing practitioner still be obliged to do everything else - money laundering, correspond with the sellers lawyer, SDLT return, register the property etc. You might save a bit for them not needing to register a charge however it will not be meaningful.
Can you explain why leasehold purchase conveyancing in Bearsted costs more?
Bearsted leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have been told that property searches are the primary reason for delay in Bearsted house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Bearsted.
Just had an offer accepted on a new build flat in Bearsted. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Bearsted
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Looking forward to sign contracts shortly on a leasehold property in Bearsted. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bearsted should include some of the following:
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Details of the parties to the lease, for example these could be the (you), head lessor, freeholder Whether your lease has a provision for a sinking fund for major works? Changes to the property Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? You should know if the lease allows you to change or improve aspects of the flat- you must be made aware as to whether it applies to all alterations or just structural alteration, and whether permission is required
I bought a studio flat in Bearsted, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Bearsted with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2084
With just 59 years remaining on your lease the likely cost is going to span between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
My nephew is just in the process of moving house, the home loan was agreed last week in principle. One the offer was accepted on apartment we contacted the mortgage company to go forward with his. We were shocked to hear that banks do not accept all solicitor, they have to be on a list, is this legal?
Banks ordinarily imposes restrictions either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Bearsted conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.