It has come to my attention via my IFA that my Crowthorne property lawyer is not on the bank Conveyancing panel. What can I do to check?
Your first step should be to call your Crowthorne conveyancer. You lawyer should advise you what has happened. Where they are not on the panel they may be able to suggest a Crowthorne conveyancing practice that is on the conveyancing panel for your mortgage company.
We are purchasing our first property. Our conveyancing practitioner has e-mailedto see if we want to order supplemental conveyancing searches. We are really unsure what's appropriate for conveyancing in Crowthorne
The scope of Crowthorne conveyancing searches depends entirely on the premises, the location, the probability of any of these risks, your familiarity of the area and risks, your overall approach to risk. What is important is that you adequately appreciate what information each search could provide. You may then make a decision if you personally think you need that information. If uncertain, ask the conveyancer to explain.
I have an AIP. The bank mentioned the loan came with free conveyancing. Does this mean I have to use their panel lawyer as I would much rather instruct a Crowthorne based conveyancing firm?
Do check but the chances are that appoint one of their panel solicitors if you take up the "fee-free" incentive. Call the mortgage company and ask if they make available a cash alternative. Some banks have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Crowthorne.
Despite weeks of looking the Title Certificate and documents to my home are lost. The lawyers who conducted the conveyancing in Crowthorne 4 years ago are no longer around. What are my options?
These day there are duplicates made of almost everything, and your solicitor will be aware exactly where to look for all the appropriate documentation so you can buy or sell your property without any difficulty. Where duplicates can’t be found, your solicitor may be able to put in place insurance or indemnities protecting you against possible claims on your premises.
I am tempted by the attractive purchase price for a two flats in Crowthorne both have in the region of forty five years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Crowthorne is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Crowthorne conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a garden flat in Crowthorne, conveyancing having been completed 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Crowthorne with a long lease are worth £227,000. The ground rent is £50 per annum. The lease expires on 21st October 2096
With only 71 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
I am thinking of using an online conveyancer rather than a Crowthorne conveyancing practice. Should I ‘stay local’?
Advantages do exist in being able to attend a local Crowthorne conveyancing solicitor for instance
- signing papers on short notice
- having face-to-face explanations of issues that need explaining
- the ability to raise concerns if things go pear-shaped
When analysing quotes, look out for hidden extras. Most decent Crowthorne high street solicitors give an all-inclusive price. Often online agents seem to offer discounted prices, yet have hidden 'extras' in the fine print.