Would the conveyancing lawyers identified through your search tool carry out auction conveyancing in Bitterne?
There are a few auction solicitors we can connect you with those who can conduct auction conveyancing. Bitterne is just one of our areas of in which our lawyers cover.
Will lawyers ask for money up-front for conveyancing in Bitterne?
Where you are retaining lawyers for conveyancing in Bitterne your lawyer will request that you to provide them with monies to cover the search fees. Generally this is called for to cover the fees of the conveyancing searches. When the deposit is as part of the purchase price then this will be needed shortly in advance of exchange of contracts. The closing balance that is needed should be transferred shortly before completion.
Will my solicitor be raising enquiries regarding flooding during the conveyancing in Bitterne.
Flooding is a growing risk for lawyers specialising in conveyancing in Bitterne. There are those who acquire a property in Bitterne, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a numerous searches that may be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Bitterne. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to find out if the property has suffered from flooding. In the event that flooding has previously occurred and is not notified by the seller, then a buyer could commence a claim for damages resulting from an misleading response. The buyer’s conveyancers may also order an environmental report. This should indicate whether there is any known flood risk. If so, more detailed inquiries will need to be conducted.
About to purchase a new build apartment in Bitterne. Conveyancing is necessary evil 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.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Bitterne
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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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a flat up to £305k and identified one round the corner in Bitterne I like with a park and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Bitterne for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Can you provide any top tips for leasehold conveyancing in Bitterne from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Bitterne can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers’ solicitors. Some Bitterne leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If there is a history of conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unsettled. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I am the registered owner of a 1 bedroom flat in Bitterne, conveyancing was carried out in 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Bitterne with a long lease are worth £216,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2095
With only 69 years left to run the likely cost is going to span between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.