I plan on purchasing a maisonette in Frant. My Solicitor is not listed on the lender solicitor list. Can I still retain my Frant conveyancing solicitor even though they are excluded from the bank panel?
One must instruct a property lawyer to complete the legal work required if you take out a mortgage to purchase your home. They will carry out all the essential investigations on the property, ensuring that you’re registered as proprietor and ensure that all the necessary mortgage documentation is in order. One can select a Frant conveyancer of your choice. Nevertheless, where the conveyancing practitioner appointed is not on the mortgage company conveyancing panel further fees will be incurred as separate legal representation will be need by the lender. Lender panel applications may be submitted, so if your conveyancer has not previously applied for membership they can do so.
We have rather brash vendors who has suggested a exclusivity contract with a deposit 10k. Are such agreements sensible?
Exclusivity contracts are contracts binding a home seller and purchaser granting the buyer a ‘clear field’ to purchase the premises for a certain period of time. For all intents and purposes, a lock out is a document stating that you will be issued with a contract at a later time which is the contract for the actual sale. It tends to be utilised for buyer protection though in some cases, the owner may enjoy an upside from such agreements as well. There are many positives and negatives to using an agreement but you should to check with your conveyancer but note that it may result in incurring more in conveyancing charges. For this these contracts are not popular when it comes to conveyancing in Frant.
Will conveyancers ask for money on account for conveyancing in Frant?
Where you are retaining lawyers for conveyancing in Frant your lawyer will request that you place them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the total price then this will be needed immediately in advance of contracts are exchanged. Any further balance that is needed should be transferred shortly before completion.
How does conveyancing in Frant differ for newly converted properties?
Most buyers of new build or newly converted property in Frant approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Frant typically purchase 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 Frant or who has acted in the same development.
Can you provide any top tips for leasehold conveyancing in Frant with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Frant can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ representatives. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Arranging a new share certificate can be a time consuming formality and frustrates many a Frant home move. Where a new share is required, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. The majority of landlords or managing agents in Frant levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Frant.
I acquired a 2 bed flat in Frant, conveyancing having been completed in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Frant with over 90 years remaining are worth £180,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2082
With 59 years left to run we estimate the price of your lease extension to be between £20,900 and £24,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
I own a leasehold flat in Frant. Conveyancing was finished in last year. I have read on numerous advice forums that I should not allow the the remaining lease term to fall too low. Why is that a problem?
Frant leasehold properties are for a fixed period - usually just under one hundred years when they commenced. However many flats in Frant were built or converted in the 60’s and so these leases now have under eighty years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions tend to require leases to have at least 75 years left to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing seventy five years. To enhance the saleability of your property you should be thinking about whether or not to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease reaches even 80 years as when the lease falls below 80 years the premium to be paid to extend starts to escalate.