Do commercial conveyancing searches reveal proposed roadworks that could impact a commercial estate in Bow Street?
Its becoming the norm that commercial conveyancing solicitors in Bow Street will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Bow Street. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Bow Street.
For each commercial conveyancing transaction in Bow Street it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Bow Street commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Bow Street.
I used Arc property Solicitors several years ago for my conveyancing in Bow Street. I now require my file however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bow Street of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Bow Street differ for new build properties?
Most buyers of new build premises in Bow Street contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because developers in Bow Street tend to buy 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 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 used to new build conveyancing in Bow Street or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Bow Street prior to retaining solicitors. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some lenders will not give a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bow Street. Conveyancing will be smoother if you use a solicitor in Bow Street especially if they are familiar with such properties in Bow Street.
Do you have any top tips for leasehold conveyancing in Bow Street from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bow Street can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but you should verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Bow Street state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you dont have the approvals to hand do not communicate with the landlord without checking with your solicitor first. If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Organising a duplicate share certificate can be a time consuming formality and delays many a Bow Street home move. If a reissued share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
Leasehold Conveyancing in Bow Street - A selection of Queries Prior to buying
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Does this lease have more than 90 years unexpired? Many Bow Street leasehold properties will be liable to pay a service charge for maintenance of the building levied by the management company. Where you acquire the property you will have to pay this charge, normally periodically during the year. This could be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent to be met annual, ordinarily this is not a significant figure, say approximately £50-£100 but you need to enquire it because on occasion it can be prohibitively expensive. If a Bow Street lease has less than 80 years it will impact the value of the property. Check with your mortgage company that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. For most Bow Streetlease extensions you would need to own the premises for 24 months before you are legally able to carry out a lease extension.
My in 2008. He has been wed, widowed and in recent months got remarried. He will be selling the property in a couple of months. I suspect that he will simply be need to supply copies of his marriage certificates to the conveyancer but he is concerned it will delay the conveyancing. Is it worth updating the Land Registry details for the house?
It is not absolutely necessary to update the register on the basis that you have the evidence required to demonstrate how the name change resulted.
The buyer’s conveyancing practitioner will review the title entries and requisition evidence by way of proof of the name change for instance marriage certificates.