I can't travel far from Arlesey. Can you please explain the reason why all Arlesey property lawyers aren't automatically on all bank panels?
As unjust as it may seem for mortgage companies to restrict who can represent them, from the public’s or lawyer’s perspective, the the contrary view is that mortgage companies are becoming ever more anxious and consider it essential to shield themselves from mortgage fraud. As a result of this concern banks are limiting their conveyancing panel to a manageable size.
I am planning on selling our home in Arlesey and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Arlesey conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Arlesey. We have lived in Arlesey for 5 years we know of no issue. Should we contact our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am buying a new build apartment in Arlesey. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Arlesey
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a flat up to £305k and found one near me in Arlesey I like with open areas and station nearby, however it's only got 61 years on the lease. There is not much else in Arlesey in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Do you have any advice for leasehold conveyancing in Arlesey from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Arlesey can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers. If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Obtaining a new share certificate can be a lengthy formality and frustrates many a Arlesey home move. If a reissued share is required, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later. Many freeholders or Management Companies in Arlesey charge for providing management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Arlesey. Some Arlesey leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
I own a leasehold flat in Arlesey, conveyancing was carried out in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Arlesey with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2084
With 60 years left to run the likely cost is going to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
My in 2008. He has got married, widowed and in recent months got remarried. He will be selling the property in a couple of months. I think he will simply be asked to provide a copy of his marriage certificates to the solicitor but he is worried it will hold up the conveyancing. Is it worth updating the title details for the house?
It is not absolutely necessary to update the title for the property on the basis that you have the proof needed to show how the name change occurred.
Any buyer’s conveyancing practitioner should review the land registry entries and need evidence to prove the name change e.g. marriage certificates.