My partner’s step-father is a property lawyer. I am hopeful that I will be offered friends and family rates for conveyancing, but if not, what level of figure would I typically be looking at for conveyancing in Alvechurch?
It’s prudent to get two or three conveyancing estimates. Do use our search tool on this site. The estimates do be different but the service one can expect differ between law firms as is true with most professions.
Can you explain why leasehold purchase conveyancing in Alvechurch costs more?
In summary, leasehold conveyancing in Alvechurch and Worcestershire usually warrants additional work compared to freehold transactions. This includes lease investigation, liaising with the landlord concerning the service of required notices, procuring up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
Should our solicitor be asking questions about flooding during the conveyancing in Alvechurch.
The risk of flooding is if increasing concern for solicitors dealing with homes in Alvechurch. There are those who purchase a house in Alvechurch, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a various searches that can be carried out by the purchaser or by their conveyancers which can give them a better understanding of the risks in Alvechurch. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the seller to find out whether the premises has ever been flooded. In the event that the premises has been flooded in past and is not disclosed by the owner, then a purchaser could commence a compensation claim as a result of such an incorrect answer. A buyer’s conveyancers may also order an environmental report. This should indicate if there is a recorded flood risk. If so, more detailed investigations should be conducted.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Alvechurch I like with amenity areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Alvechurch suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I've recently bought a leasehold flat in Alvechurch. Do I have any liability for service charges relating to a period prior to 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 1 bedroom flat in Alvechurch, conveyancing having been completed in 1996. How much will my lease extension cost? Equivalent properties in Alvechurch with a long lease are worth £180,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2081
With 58 years left to run we estimate the price of your lease extension to be between £22,800 and £26,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
Should I stop the direct debit for my mortgage with UBS once a completion date for my sale in Alvechurch has been set?
No, you should keep paying any mortgage sums to UBS until the mortgage is discharged from the proceeds of sale as part of your Alvechurch conveyancing.