We see that you have a search directory listing law firms on the Bank of Ireland conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Groby?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Groby.
A friend suggested that if I am purchasing in Groby I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Groby conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about Groby around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Groby Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Groby Education with plans and statistics, Local Amenities and other useful data regarding Groby.
Just had an offer accepted on a new build apartment in Groby. Conveyancing is necessary evil 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 is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Groby
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There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
My husband and I are FTB’s - agreed a price, but the estate agent informed us that the vendor will only issue a contract if we appoint the agent's recommended solicitors as they need a ‘quick sale’. We would rather use a local conveyancer who is familiar with conveyancing in Groby
It is unlikely the sellers are behind this. Should the vendor want ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Speak to the vendors direct and make the point that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you are going to instruct your own,trusted Groby conveyancing solicitors - as opposed tothe ones that will provide the estate agent a kickback or achieve conveyancing figures pre-set by HQ.
I am tempted by the attractive purchase price for a two apartments in Groby both have approximately forty five years unexpired on the leases. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area.
I invested in buying a 1 bedroom flat in Groby, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Groby with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2083
You have 57 years remaining on your lease the likely cost is going to range between £26,600 and £30,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I own a leasehold flat in Groby. Conveyancing was completed in 2009. I have heard that I should not allow the the remaining lease term to fall too short. Why is that a problem?
Groby leasehold properties are for a set period - usually just under one hundred years when they are first granted. However many flats in Groby were constructed or converted in the 60’s and so such leases now have less than eighty years unexpired. That may sound like plenty of time however Banks, Building Societies and other mortgage companies on the whole require leases to have at least seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To maximise your property value you should be considering whether to extend your lease long before you come to sell it. Furthermore significant benefits to doing so before the lease hits eighty years as when the lease falls below eighty years the amount to be paid to extend starts to increase.