Do I need to take out insurance to cover chancel repairs when buying a residence in March?
Unless a prior acquisition of the property completed after 12 October 2013 you could assume that lawyers delivering conveyancing in March to continue to propose a a chancel search and or chancel repair liability policy.
Just had an offer accepted on a new build flat in March. 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 enquiries that you should expect your new-build leasehold conveyancing in March
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in March 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 March in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My business partner and I are hoping to lease a unit on a shopping parade. Can you recommend conveyancers offering no-move-no fees for commercial conveyancing in March for under £1,200?
We can recommend firms who have an in-depth of experience of commercial conveyancing in March, including the sale and acquisition of businesses as well as simply premises. If you are intending to purchase or sell a shop, pub, restaurant, office, retail premises or a complete business we will find you the right solicitor. As for the costs these will vary based on the structure and nuances of the deal. Please provide us with your contact information or call us so that we may furnish you with a fixed commercial conveyancing calculation.
If all goes to plan we aim to complete the sale of our £350,000 flat in March next week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in March?
March conveyancing on leasehold apartments usually necessitates the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are at liberty to levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I bought a ground floor flat in March, conveyancing having been completed 9 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in March with an extended lease are worth £265,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2101
With just 76 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 as well as 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. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
What are my options where I am dissatisfied with the solicitor who undertook our conveyancing in March?
We live in an imperfect world, and is is a fact of life that occasionally matters do not go as planned. However there is recourse where you were unhappy with your conveyancing in March. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their regulator. If things still aren’t resolved you may consider getting in touch with the Legal Ombudsman.