Is the fact that my conveyancer in Crabtree is not identified on my lender's conveyancing panel that there is a problem with the quality of his work?
That is most likely a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Crabtree conveyancing practice and ask them why they are no longer on the approved list for your bank.
I am buying a new build apartment in Crabtree. Conveyancing is daunting 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.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Crabtree
Please supply a car parking plan. 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. 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. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared.
I am looking for a leasehold apartment up to £195,000 and identified one near me in Crabtree I like with amenity areas and station nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Crabtree suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
My cousin has encouraged me to use his conveyancing solicitors in Crabtree. Should I use them?
Much as we are happy to recommend a Crabtree conveyancing lawyer it’s preferable to choose a conveyancing lawyer is to have recommendations from friends or relatives who have actually used the firm you're contemplating using.
I am tempted by the attractive purchase price for a two maisonettes in Crabtree which have approximately fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Crabtree is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Crabtree conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
I acquired a 2 bed flat in Crabtree, conveyancing having been completed 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Crabtree with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2097
With just 74 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues 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 before getting professional advice.
Some weeks ago I was told by my lender that their approved conveyancers operate no move no fee basis for conveyancing in Crabtree. I had a purchase fall through nevertheless the conveyancers want search fees! They are claiming that the fees are nothing to do with their fees!
Crabtree conveyancing search costs are separate expenses not legal fees as these are paid to a third party.