In the event thatI were to buy a straightforward housein Cobham for cash and have no survey and no local authority searches how much should I expect to have to pay for conveyancing in Cobham?
The sole saving you would achieve is the costs for searches. Your conveyancer still got to do everything else - money laundering, liaising with your sellers property lawyer, SDLT submission, register the ownership etc. A marginal saving might be made by not needing to register a mortgage but it will not be meaningful.
Why do I have to pay up front when it comes to conveyancing in Cobham?
Where you are retaining lawyers for conveyancing in Cobham your lawyer will request that you put them with monies to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this should be needed immediately before exchange of contracts. The closing balance that is due should be transferred shortly before completion.
I am selling my flat in Cobham. Will the property lawyer need to be on the Virgin Money conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
My wife and I are planning on selling our home in Cobham and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know this is not the case. It does beg the question why the buyers are using a nationwide conveyancing practice rather than a conveyancing solicitor in Cobham. Having lived in Cobham for 5 years we know that this is a non issue. Should we get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Cobham I like with open areas and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Cobham in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I work for a long established estate agent office in Cobham where we have experienced a number of leasehold sales put at risk due to short leases. I have been given conflicting advice from local Cobham conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
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. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. 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.
I inherited a basement flat in Cobham, conveyancing formalities finalised in 2005. Can you work out an approximate cost of a lease extension? Equivalent flats in Cobham with an extended lease are worth £195,000. The ground rent is £45 yearly. The lease finishes on 21st October 2087
With 63 years unexpired we estimate the premium for your lease extension to range between £16,200 and £18,600 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.