Is it realistic for conveyancing in Dudley to be concluded in under 3 weeks?
First, If the seller is applying a tight deadline to sign contracts we would recommend that your solicitor is familiar with the location as they will have local connections and intelligence. It is possible that they would have conducted previoushouses in the same road. You would be best advised to use a Dudley conveyancing solicitor. Second, be sure that the lawyer is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Dudley conveyancing transactions are suspended or derailed after finding out that a purchaser’s lawyer was not on their mortgage lender’s member panel. This can often result in the home move being held up by as much as three weeks. It is understood that this issue impacts approximately one hundred thousand home moves annually. Many Dudley conveyancing firms can not represent certain lenders so do check at the outset.
Completed the sale of my flat in Dudley last November but the buyer keeps e-mailing me complaining that their conveyancer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Following your sale your solicitor is committed to deliver the transfer deeds and all supplemental paperwork to the purchaser's lawyers. If applicable, your solicitor should also send confirmation that the home loan has been repaid to the purchasers solicitors. There are no post completion tasks specific conveyancing in Dudley.
About to place an offer on a leasehold property in Dudley. The selling agents tell me that it is standard for flats in Dudley to have less than 75 years left on the lease. I am obtaining a loan with Tesco Bank. Is this going to be acceptable if the lease has Seventy One years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/5/2024 the requirements read as follows :
How does conveyancing in Dudley differ for newly converted properties?
Most buyers of new build residence in Dudley approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Dudley usually 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 conveyancers 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 used to new build conveyancing in Dudley or who has acted in the same development.
What does commercial conveyancing in Dudley cover?
Dudley conveyancing for business premises covers a wide array of services, given by qualified solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I only have Seventy years left on my flat in Dudley. I need to get lease extension but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. On the whole a specialist would be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Dudley.
I purchased a split level flat in Dudley, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Dudley with a long lease are worth £222,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2095
With 71 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.