Why do I have to pay up front for conveyancing in Esher and Claygate?
If you are buying a property in Esher and Claygate your solicitor will ask you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the total price then this should be needed shortly ahead of contracts are exchanged. The final balance that is needed will be payable a few days prior to the day of completion.
How does conveyancing in Esher and Claygate differ for newly converted properties?
Most buyers of new build residence in Esher and Claygate contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Esher and Claygate typically buy the site, 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 property lawyers 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 Esher and Claygate or who has acted in the same development.
I decided to have a survey done on a property in Esher and Claygate prior to instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may not issue a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Esher and Claygate. Conveyancing will be smoother if you use a solicitor in Esher and Claygate especially if they are accustomed to such properties in Esher and Claygate.
Is it best to appoint a Esher and Claygate conveyancing lawyer who is local to the property I am hoping to buy? I have an old university friend who can deal with the conveyancing but his firm is located approximately 350miles away.
The primary upside of using a high street Esher and Claygate conveyancing practice is that you can attend the office to sign documents, deliver your identification documents and pester them if necessary. Having local Esher and Claygate know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were content that should trump using an unfamiliar Esher and Claygate conveyancing lawyer solely due to them being based in the area.
I am tempted by the attractive purchase price for a two maisonettes in Esher and Claygate both have in the region of 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Esher and Claygate is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Esher and Claygate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Esher and Claygate. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Esher and Claygate premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
I own a leasehold flat in Esher and Claygate. Conveyancing was completed in 2010. I have heard that I mustn’t allow the lease length get too low. Is this correct?
Esher and Claygate leasehold properties are for a set term - often just under one hundred years when they started. However many appartments in Esher and Claygate were built or converted 30 or more years ago and so these leases now have less than eighty years remaining. That may seem like plenty of time but Banks, Building Societies and other mortgage companies on the whole require leases to have at least 75 years remaining to adequate security. This means that when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To maximise the marketability of your property you should be considering whether to extend your lease long before you come to sell it. Furthermore advantages to doing so before the lease reaches even eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to get a lot more expensive.