My best friend’s dad is a conveyancing practitioner. I suspect that I'll be able to get mate’s fee for conveyancing, but if not, what kind of fees would I typically be looking at for conveyancing in Binfield?
You should compare pricing. Do use our search tool on this site. Whilst fees seem to vary but service levels do are distinct between law firms as is the case with the vast majority of professional services.
Is there a reason why leasehold purchase conveyancing in Binfield costs more?
Binfield leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am buying a new build flat in Binfield. 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 are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Binfield
Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Binfield I like with open areas and station nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Binfield for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
In what way can the Landlord & Tenant Act 1954 impact my business property in Binfield and how can you help?
The 1954 Act gives security of tenure to business lessees, giving them the right to apply to court for a new tenancy and continue in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Binfield is one of our hundreds of locations in which the firms we work with are located
Our lawyer in Binfield has discovered a a legal deficiency with the lease for the flat we are buying in Binfield. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.