I need some quick conveyancing in Great Barford as I am faced with a deadline to exchange contracts inside 2 weeks. Fortunately I do not need a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are are a cash purchaser you are at free not to do searches although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Great Barford the following are instances of issues that can be revealed and therefore impact future mortgageability: Enforcement Notices, Overdue Fees, Overdue Grants, Railway Schemes,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Great Barford?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Great Barford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Great Barford I like with open areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Great Barford for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
What does commercial conveyancing in Great Barford cover?
Non domestic conveyancing in Great Barford incorporates a wide array of guidance, given by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I am attracted to a couple of flats in Great Barford which have approximately 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Great Barford is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with less than 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 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 premises 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 Great Barford 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.
I acquired a basement flat in Great Barford, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Great Barford with a long lease are worth £265,000. The ground rent is £50 yearly. The lease runs out on 21st October 2100
You have 75 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Why do I have to send my lawyer with numerous items of ID before I can commence with selling or purchasing a property in Great Barford?
Great Barford conveyancing practitioners are obliged by the Law Society, SRA, HMLR and current Money Laundering Regulations to certify that the have verified the identity of their clients. It will also be a requirement of your bank if you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have information such as your full names, NI number and date of birth.