IfI were to purchase a straightforward housein Borehamwood for cash and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Borehamwood?
The sole reduction in fees you would achieve is the Borehamwood conveyancing searches. The conveyancer still be obliged to do everything else - money laundering, liaising with the vendors conveyancer, stamp duty return, register the ownership etc. A marginal saving might be made by not having to register a mortgage however it will not be meaningful.
I own a freehold property in Borehamwood but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Borehamwood and has limited impact for conveyancing in Borehamwood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I require fast conveyancing in Borehamwood as I am faced with an ultimatum to exchange contracts within 3 weeks. Thankfully I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash buyer you are at free not to have searches carried out although no lawyer would recommend that you don't. Drawing on years of experience of conveyancing in Borehamwood the following are instances of issues that can arise and adversely impact market value: Enforcement Actions, Outstanding Fees, Outstanding Grants, Road Schemes,...
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Borehamwood I like with a park and station nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Borehamwood suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and pass 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.
I am tempted by the attractive purchase price for a two maisonettes in Borehamwood which have in the region of forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Borehamwood. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
I am the proprietor of a first floor flat in Borehamwood. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Borehamwood conveyancing firm who can help.
An example of a Lease Extension case for a Borehamwood premises is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case was in relation to 1 flat. The remaining number of years on the lease was 71.73 years.
I have finally had an offer on an maisonette in Borehamwood agreed to, the seller does nevertheless have an associated purchase. The vendors have offered on a property, but it’s not yet agreed to, and are looking at other properties booked. I have chosen a nearby conveyancing lawyer in Borehamwood. What should be my next step? At what stage should I apply for the mortgage with TSB?
It is standard to have anxieties where there is a chain given your reluctance to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, Borehamwood conveyancing search fees, etc). First, you should ensure that your solicitor is on the TSB approved list. Regarding the subsequent stages this very much dictated by the circumstances of your transaction, desire for this property and on the state of the market. In a hot market some home buyers will apply for the mortgage with TSB and pay for the survey and only if it comes back ok would they request their lawyer to proceed with the conveyancing in Borehamwood.