We are buying our first home. Our conveyancing practitioner has messagedto ask if we would like to purchase extra conveyancing searches. We are really unsure what's appropriate for conveyancing in Fratton and Portsea
The extent of Fratton and Portsea conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the locality and risks, your general attitude to risk. What is important is that you properly appreciate what information the searches could give you. You may then make a decision if you personally think you need that information. If unsure, ask the property lawyer to recommend.
How up to date is your search tool for Fratton and Portsea conveyancing solicitors on the Nationwide conveyancing panel? Do Nationwide send you an updated list?
Fratton and Portsea conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
I am selling my flat in Fratton and Portsea. Does the lawyer have to be on the Yorkshire BS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
We are purchasing a house and the conveyancer has raised the issue of Chancel Repair for which the house may be liable as it falls into the area of such a church. She has recommended insurance. Is this strictly required for conveyancing in Fratton and Portsea
Unless a previous purchase of the property completed post 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Fratton and Portsea to remain encouraging a chancel search and or chancel repair liability policy.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Fratton and Portsea I like with open areas and station in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Fratton and Portsea suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I work for a long established estate agency in Fratton and Portsea where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Fratton and Portsea conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a split level flat in Fratton and Portsea, conveyancing having been completed November 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Fratton and Portsea with over 90 years remaining are worth £222,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2095
You have 70 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.