Can the conveyancing solicitors identified via your search tool carry out attended exchange conveyancing in Costessey?
There are a few conveyancing specialists carrying out attended exchanges. You should contact us to obtain a costs illustration and details as to availability.
I am the registered owner of a freehold house in Costessey but still pay rent, why is this and what is this?
It’s unusual for properties in Costessey and has limited impact for conveyancing in Costessey 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I have been told that property searches are the number one cause of stalling in Costessey conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Costessey.
I am looking for a ground for flat up to £195,000 and found one round the corner in Costessey I like with amenity areas and station nearby, however it only has 61 remaining years left on the lease. There is not much else in Costessey in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My cousin has suggested that I instruct his conveyancers in Costessey. Should I choose my own property lawyer?
No doubt the ideal way to select a conveyancing practitioner is to get guidance from friends or relatives who have actually previously instructed the conveyancer that you are considering.
What advice can you give us when it comes to appointing a Costessey conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Costessey conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Costessey conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
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How many lease extensions have they conducted in Costessey in the last 12 months? If they are not ALEP accredited then why not?
I acquired a basement flat in Costessey, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding flats in Costessey with a long lease are worth £195,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2088
With just 63 years remaining on your lease we estimate the premium for your lease extension to span between £16,200 and £18,600 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.