Me and my brother purchased a 4 bedroom Edwardian property in Boreham. Conveyancing solicitor acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the matching address. Is it worth asking Lloyds TSB Bank to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Boreham and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with your conveyancing practitioner who conducted the work.
How does conveyancing in Boreham differ for new build properties?
Most buyers of new build premises in Boreham come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Boreham 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 Boreham or who has acted in the same development.
Am I right to be concerned that brokers that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Boreham conveyancing company?
As is the case with lots of service providers, often input from family and friends can be very helpful. Nevertheless there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward solicitors to select. Sometimes the solicitors might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the recommendation. You have the discretion to appoint your own conveyancer. You need to be aware that the majority of lenders specify a panel list of law firms you have to use for the mortgage aspect of your transaction.
My father-in-law has encouraged me to use his conveyancing solicitors in Boreham. Should I choose my own solicitor?
No doubt the ideal way to find a conveyancing solicitor is to get recommendations from friends or family who have actually used the firm that you are contemplating using.
I work for a long established estate agent office in Boreham where we have experienced a number of flat sales derailed due to short leases. I have been given conflicting advice from local Boreham conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Boreham Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
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How is the lease structured? Generally speaking the cost for major works tend not to be wrapped into the maintenance charges, although there some managing agents in Boreham obliged leasehold owners to contribute towards a sinking fund created for the specific intention of establishing a fund for major repairs or maintenance. What restrictions exist in the Boreham Lease?
What are the specific benefits to using a local conveyancing practitioner in Boreham
Plenty of house movers in Boreham opt for a nearby high street conveyancing practitioner so that they can visit in the event that they have concerns, and to deliver documents rather taking the chance in relying on the Royal Mail.
There is a distinct advantage when opting for a solicitor nearby to a premises you are buying, due to the in-depth knowledge of the region and potential local issues - however this is moot. The majority of conveyancers are now over the web and may be any place in the world.