My best friend’s sister is a property lawyer. I suspect that I will be offered mate’s rates for conveyancing, However if that does not come through, what level of fees should I be expecting for conveyancing in Broadway?
You should compare pricing. Make use of our search tool on this page. You will notice that quotes do vary but the service one can expect are distinct between solicitors as is true with the vast majority of professional services.
My wife and I have a 4 bedroom Victorian property in Broadway. Conveyancing lawyer represented me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the matching property. Is it worth asking Leeds Building Society to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Broadway and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Broadway differ for new build properties?
Most buyers of new build premises in Broadway come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Broadway usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Broadway or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Broadway I like with open areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Broadway suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan that many years may be a potential deal breaker. Discount 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 twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
How difficult is it to switch firm as I have to instruct one who is on the The Mortgage Works conveyancing list. I instructed a local conveyancing solicitor in Broadway five minutes from me but the firm is not accepted by The Mortgage Works
It would be our pleasure to help you select a conveyancing solicitor in Broadway on the The Mortgage Works panel. Please note that the conveyancers that we work with do not pay us a referral fee if you instruct them and are regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Broadway. Using the find a conveyancing solicitor tool on this website, you can scrutinise costs for conveyancing solicitors in Broadway and throughout England and Wales.
Are there frequently found problems that you witness in leases for Broadway properties?
There is nothing unique about leasehold conveyancing in Broadway. All leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
A provision to repair to or maintain parts of the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Broadway - Sample of Questions you should consider before buying
-
How many years remain on the lease? What is the annual maintenance fee and ground rent? Who takes responsibility for maintaining and repairing the block?