We're in Kesgrave, FTBs purchasing with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
2 months have elapsed following my purchase conveyancing in Kesgrave took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £305k and found one round the corner in Kesgrave I like with open areas and station in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Kesgrave for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I was recommended by a number of estate agents in Kesgrave to find a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to offer your lawyers over and above alternative conveyancing organisations?
We refuse to give any referral fee for directing people our way. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am a negotiator for a long established estate agent office in Kesgrave where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Kesgrave conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 purchased a studio flat in Kesgrave, conveyancing formalities finalised January 1996. How much will my lease extension cost? Similar properties in Kesgrave with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2103
With just 77 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I happen to be an executor of my recently deceased aunt’s Will, with a property in Kesgrave which will be marketed. The property has never been registered at HMLR and I'm told that many EAs will insist that it is completed before they'll proceed. What's the mechanism for this?
In the situation you refer to it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.