I have recentlybeen informed that Wolstenholmes have closed. They carried out my conveyancing in Overton for a purchase of a leasehold apartment 10 months ago. How can I establish that the property is in my name in the name of the previous owner?
The quickest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Overton conveyancing specialists.
How does conveyancing in Overton differ for newly converted properties?
Most buyers of new build residence in Overton approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Overton tend to buy the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Overton or who has acted in the same development.
I decided to have a survey completed on a property in Overton before appointing lawyers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will refuse to give a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Overton. Conveyancing will be smoother if you use a solicitor in Overton especially if they are accustomed to such properties in Overton.
My father has urged me to use his conveyancers in Overton. Should I choose my own property lawyer?
No doubt the ideal way to select a conveyancing lawyer is to seek recommendations from friends or family who have actually experience in using the firm that you are considering.
What are your top tips when it comes to finding a Overton conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Overton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Overton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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If the firm is not ALEP accredited then why not? Can they put you in touch with clients in Overton who can give a testimonial?
I invested in buying a 2 bed flat in Overton, conveyancing was carried out in 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Overton with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease comes to an end on 21st October 2081
With 56 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
Why do Overton conveyancing charges are higher for leasehold and freehold properties?
Inevitably there is more work involved in leasehold conveyancing. Overton has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.