I have given 2 months notice to my existing landlord and must be out of my rented flat in Fairford by 8/1/2025. Conveyancing on my purchase is progressing. Can I complete in 5 weeks as I wish to avoid having to move into short term accommodation?
It is unwise to give notice on a rental until exchange of contracts has taken place. Assuming that you have not already done so, update to your conveyancer and urge them to they cajole the other solicitors, try to get a realistic time scale from them that everyone will aim to achieve
A colleague advised me that if I am buying in Fairford I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Fairford conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Fairford around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Fairford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Fairford Education with maps and statistics, Local Amenities and other useful data regarding Fairford.
I am buying a new build house in Fairford with the aid of help to buy. The builders would not reduce the amount so I negotiated 6k of additionals instead. The estate agent told me not reveal to my conveyancer about the deal as it would affect my loan with Leeds Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How can the Landlord & Tenant Act 1954 affect my commercial offices in Fairford and how can you help?
The 1954 Act gives protection to commercial leaseholders, granting the a statutory right to apply to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Fairford
I am looking at a couple of apartments in Fairford which have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Fairford is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. 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 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 Fairford 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 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.
I am the registered owner of a 1 bedroom flat in Fairford, conveyancing having been completed 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Fairford with over 90 years remaining are worth £265,000. The ground rent is £50 yearly. The lease ceases on 21st October 2100
With just 76 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I am thinking of appointing an online conveyancing practitioner rather than a Fairford conveyancing firm. Should I ‘stay local’?
There are advantages of having the opportunity to visit a local Fairford conveyancing solicitor such as
- signing papers on short notice
- sometimes being able to speak to someone face-to-face can make a huge difference, particularly for more complex transactions
- the ability to complain if things need to addressed
When analysing estimates, look out for hidden extras. The majority decent Fairford high street solicitors give an all-inclusive price. Many online agents seem to offer cheap prices, but have hidden 'extras' in the fine print.