In the event thatI were to acquire a straightforward housein Bow Street mortgage fee and have no survey and no local authority searches how much could I expect to have to pay for conveyancing in Bow Street?
Any savings you would make would be limited to the disbursement for searches. The conveyancing practitioner still be obliged to do everything else - money laundering, liaising with your sellers property lawyer, stamp duty return, register the ownership etc. You might save a bit for them not having to register a mortgage however it won't be meaningful.
I own a freehold premises in Bow Street but still pay rent, why is this and what is this?
It’s unusual for properties in Bow Street and has limited impact for conveyancing in Bow Street but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
The estate agent has sent us the confirmation of our purchase of a new build flat in Bow Street. Conveyancing is a frightening process 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.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Bow Street
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. 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. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am looking for a leasehold apartment up to £195,000 and found one close by in Bow Street I like with amenity areas and railway links nearby, however it only has 49 remaining years left on the lease. There is not much else in Bow Street suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Given that I am about to spend 450k on a property in Bow Street I would like to talk to a lawyer concerning theconveyancing prior to giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be pleased to talk to you we do not take any clients on without you first talking to the conveyancer who will be carrying out your conveyancing in Bow Street.There is no ‘factory style conveyancing’ - every client is an important person, not a matter reference. The practices that we put you in touch with believe that the figure you are provided with for residential conveyancing in Bow Street should be the figure that you end up paying.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Bow Street. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bow Street ?
The majority of houses in Bow Street are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Bow Street so you should seriously consider shopping around for a Bow Street conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I own a split level flat in Bow Street, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Bow Street with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2085
You have 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.