Is there a reason why leasehold purchase conveyancing in Overton is more expensive?
Overton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am considering applying for a Kent Reliance mortgage for purchase of a new build (under development) in Overton with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am downsizing from our property in Overton and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers used a national conveyancing outfit rather than a conveyancing solicitor in Overton. We have lived in Overton for three years we know of no issue. Is it a good idea to contact our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
About to purchase a new build flat in Overton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Overton
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the guidance of my in-laws I had a survey completed on a house in Overton prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend not issue a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Overton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Overton to see if the conveyancing will be more expensive.
Can you offer any advice when it comes to finding a Overton conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Overton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Overton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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If they are not ALEP accredited then why not?
I purchased a ground floor flat in Overton, conveyancing formalities finalised 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Overton with over 90 years remaining are worth £171,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2104
You have 79 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.