Finally the sale completed on my house in Fenstanton last December yet the purchaser is texting every few hours to say his lawyer is waiting to hear from mine. What are the post completion sale formalities following completion?
Following your sale your solicitor is duty bound to forward the transfer deeds and all of the paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer should also send confirmation that the mortgage has been repaid to the buyers solicitors. There are no post completion formalities unique to conveyancing in Fenstanton.
Are the BSA planning on creating a searchable register to to identify practices on the Loughborough BS conveyancing panel for example in Fenstanton?
We would not expect to be advised of any plans on the part of the BSA to promote such a search facility.
Just had an offer accepted on a new build apartment in Fenstanton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Fenstanton
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking for a flat up to £195,000 and found one near me in Fenstanton I like with open areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Fenstanton suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I've recently bought a leasehold house in Fenstanton. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a basement flat in Fenstanton, conveyancing was carried out in 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Fenstanton with over 90 years remaining are worth £201,000. The ground rent is £45 per annum. The lease runs out on 21st October 2089
With only 64 years left to run we estimate the premium for your lease extension to span between £15,200 and £17,600 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
We are contemplating choosing an online lawyer as opposed to a Fenstanton conveyancing firm. Any advice?
Advantages do exist in having the option pop in to a local Fenstanton conveyancing solicitor such as
- signing papers on short notice
- having one on one explanations of things you don't understand
- the ability to complain if things are not going as expected
When comparing fees, look out for hidden extras. The majority decent Fenstanton high street solicitors give an all-inclusive figure. Often online agents appear to offer cheap fees, but have hidden 'extras' in the small print.