We instructed a local firm for our conveyancing in Marylebone last week. Reviewing the small print I notewe are liable for fees even if our purchase doesn't happen. Should I ditch them and choose a web based conveyancing company offering no move no charge conveyancing in Marylebone?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the conveyancing charges will tend to be be higher to cover the conveyances that abort. Dont forget that these arrangements generally do not protect you from expenditure for instance Marylebone conveyancing search costs.
Why is leasehold purchase conveyancing in Marylebone is more expensive?
In short, leasehold conveyancing in Marylebone and elsewhere usually requires additional hours of investigation compared to freehold conveyancing. This includes reviewing the lease, corresponding with the landlord about serving appropriate notices, obtaining current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first granted.
How does conveyancing in Marylebone differ for newly converted properties?
Most buyers of new build or newly converted property in Marylebone come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Marylebone usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Marylebone or who has acted in the same development.
I have been pointed in your direction by a number of selling agents in Marylebone to choose a property lawyer using your seach tool. What’s the financial upside for Estate Agents to offer your lawyers rather than another?
We refuse to give any commission for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am looking at a couple of maisonettes in Marylebone which have about forty five years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in Marylebone. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.
We have reached the end of our tether in trying to purchase the freehold in Marylebone. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the premium.
An example of a Lease Extension case for a Marylebone property is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case was in relation to 2 flats. The unexpired lease term was 24.02 years.
Am in the process of purchasing my first property in Marylebone. Conveyancing practitioner has been instructed. The broker pointed out that a survey is not appropriate as the property is just 17 years old.
The bare minimum you need a Home Buyer's Report. Given the property was constructed more than a decade ago the property will not come with a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be sufficient. The report should highlight any obvious issues and suggest additional investigation if appropriate. Where there are any indications of problems obtain a comprehensive structural survey.