Can you explain why leasehold purchase conveyancing in Slade Green is more expensive?
Slade Green 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.
My bid for a property was accepted at auction in Slade Green. Conveyancing is required. What is next?
Now that you are for in every practical sense signed on the dotted line you should retain a conveyancing solicitor quickly as you will have a tight deadline in which to complete the transaction. An auction property will ordinarily have a corresponding auction pack. This will likely include most,if not all of the documents that your solicitor will need. In the case of leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You need to pass this on to the lawyer instructed by you as soon as possible. Do make sure that you have funds organised to complete the transaction on the set completion date.
Last month we had a mortgage agreed in principle with Bank of Ireland. Slade Green conveyancing lawyers have been chosen. How long does it take for Bank of Ireland to issue the offer to the conveyancer?
There is no definitive answer here. Have Bank of Ireland completed the valuation? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
About to purchase apartment in Slade Green. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Slade Green solicitor is on the Coventry BS conveyancing panel.
Should my conveyancer be raising questions regarding flooding as part of the conveyancing in Slade Green.
Flooding is a growing risk for lawyers dealing with homes in Slade Green. There are those who buy a property in Slade Green, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Slade Green. The standard information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out if the property has ever been flooded. If the premises has been flooded in past and is not revealed by the owner, then a purchaser may bring a compensation claim as a result of such an misleading response. A purchaser’s lawyers may also commission an enviro report. This will reveal whether there is any known flood risk. If so, further investigations should be conducted.
How does conveyancing in Slade Green differ for new build properties?
Most buyers of new build property in Slade Green come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because house builders in Slade Green tend to buy 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 accustomed to new build conveyancing in Slade Green or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one near me in Slade Green I like with amenity areas and transport links nearby, however it only has 52 years unexpired on the lease. I can't really find anything else in Slade Green suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
What are your top tips when it comes to appointing a Slade Green conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Slade Green conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Slade Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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Can they put you in touch with clients in Slade Green who can give a testimonial? If they are not ALEP accredited then why not?
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Slade Green. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Slade Green conveyancing firm who can help.
An example of a Lease Extension case for a Slade Green premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The number of years remaining on the existing lease(s) was 76 years.