Recently contacted my conveyancing lawyer in Belbroughton who conducted the legals 18 months ago requesting a conveyancing costs illustration based on an identical type of house move (a leasehold property and a freehold premises) of almost identical values with a home loan from Virgin Money. I am now being charged twice the amount. Should I hunt for a cheaper internet firm of conveyancing solicitor?
The estimate does seem a tad on the high side. If you you were to look around you may be able to decrease the fees marginally by say £125. That being said, if you were satisfied with the assistance the firm offered you couldcome to regret opting for an an unknown lawyer. If is important to enquire that the firm can represent Virgin Money. Do use our search tool to locate a Belbroughton conveyancing firm on the Virgin Money approved list of lawyers, which can often include conveyancing solicitors in Belbroughton.
Can your site be used to find a Conveyancing solicitor in Belbroughton even where I’m not purchasing or disposing of a house, for example if I intend to acquire a shop in Belbroughton with a mortgage from Platform Home Loans Ltd?
Our comparison service is predominantly utilised to find domestic conveyancing solicitors in Belbroughton but we have listed towards the bottom of this page some Belbroughton commercial conveyancing firms. You should enquire with the solicitors directly to check if they are also authorised to represent Platform Home Loans Ltd
The estate agent has sent us the confirmation of our purchase of a new build flat in Belbroughton. 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 legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Belbroughton
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Belbroughton I like with a park and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Belbroughton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am looking at a two flats in Belbroughton both have approximately 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Belbroughton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Belbroughton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Belbroughton - Examples of Questions you should ask Prior to buying
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Who takes responsibility for maintaining and repairing the block? Is anyone aware of any major works anticipated that will likely increase the service charges?
A couple of weeks ago I was advised by my mortgage company that their panel lawyers work on no sale no charge basis for conveyancing in Belbroughton. My purchase fell through nevertheless the solicitors want search fees! They say the fees are nothing to do with their fees!
By offering "no completion no fee" Belbroughton conveyancing practices are waiving their charges for any work carried out. We must stress this is not to be regarded as an insurance scheme. you will still required to pay for any charges that your lawyer has incurred for you for example Belbroughton local authority checks