I am need of leasehold conveyancing for a flat in a fairly new development (five years built) in Raunds. 95% of the appartments are already occupied. Is it really necessary to order neighbourhood searches for my conveyancing in Raunds?
You are putting yourself at risk in failing carrying out Raunds conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal requirement to have them, but we would seriously advise in the strongest possible terms that you have them. If accelerating the process and cost are top of your concerns you should consider with your lawyer about the possibility of search insurance
What does my ID and proof of funds have anything to do with my conveyancing in Raunds? Is this really warranted?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Raunds. However these days you will not be able to proceed with any conveyancing process if you have not supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that if you are supplying your driving licence as proof of identification it needs to be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Proof of the origin of monies is necessary under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer must have this information on file. Your Raunds conveyancing practitioner will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask further queries concerning the origin of monies.
Should our lawyer be asking questions regarding flooding as part of the conveyancing in Raunds.
The risk of flooding is if increasing concern for lawyers dealing with homes in Raunds. Some people will buy a property in Raunds, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a numerous searches that can be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Raunds. The standard completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to find out whether the property has suffered from flooding. In the event that flooding has previously occurred and is not notified by the seller, then a buyer may issue a legal claim for losses as a result of such an incorrect reply. The buyer’s conveyancers will also carry out an enviro report. This will disclose whether there is a recorded flood risk. If so, more detailed inquiries should be made.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Raunds is the location of the property. What do you suggest?
Flying freeholds in Raunds are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Raunds you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Raunds may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My business partner and I are wishing to take over a lease of an office on the high street. Can you recommend solicitors offering no-sale-no costs for non-domestic conveyancing in Raunds for less than 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Raunds, including the sale and acquisition of businesses as well as simply premises. Whether you are intending to buy or dispose of a shop, pub, restaurant, office, retail premises or a complete business we will find you the right solicitor. Regarding the charges these will vary based on the structure and terms of the proposed transaction. Let us have your details or telephone so as to enable us to supply you with comprehensive commercial conveyancing quote.
I've recently bought a leasehold property in Raunds. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a studio flat in Raunds, conveyancing was carried out in 1999. Can you work out an approximate cost of a lease extension? Equivalent properties in Raunds with an extended lease are worth £255,000. The ground rent is £45 per annum. The lease finishes on 21st October 2098
With just 73 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.