We are buying our first home. Our solicitor has calledto enquire if we want to take out extra conveyancing searches. We are really unsure what's necessary for conveyancing in Totton
The extent of Totton conveyancing searches depends primarily on the property, the location, the possibility of any of these risks, your familiarity of the region and risks, your overall approach to risk. What matters is that you properly appreciate what information the searches could supply. Then you can make a decision if you personally think you need that search. If unclear, ask your lawyer to recommend.
We're in Totton, FTBs buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I used Arc property Solicitors several years past for my conveyancing in Totton. Now, I need the files however cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Totton of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Totton I like with a park and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Totton in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I have been recommended by numerous property agents in Totton to find a property lawyer on your site. Is there a financial incentive for Estate Agents to promote your services over alternative conveyancing organisations?
We don’t offer any commission for sending work in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Last August I purchased a leasehold flat in Totton. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 purchased a 1st floor flat in Totton, conveyancing was carried out June 2001. 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? Corresponding properties in Totton with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2083
With just 58 years left to run the likely cost is going to be between £23,800 and £27,400 plus legals.
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 without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.