IfI were to buy a simple residential homein Great Baddow for cash and have no survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Great Baddow?
The only saving you would make on is the Great Baddow conveyancing searches. A conveyancer is obliged to do the vast majority of work - money laundering, liaising with the vendors solicitor, stamp duty return, register the ownership etc. A slight saving might be made by not having to register a charge but it will not be meaningful.
The deeds to my home are lost. The conveyancers who did the conveyancing in Great Baddow 5 years ago no longer exist. What do I do?
Nowadays there are copies made of almost everything, and your conveyancer should know exactly where to find all the relevant documentation so you can buy or dispose of your property without any difficulty. Where copies can’t be located, your conveyancer can put in place insurance or indemnities against possible claims on your property.
I am buying a new build apartment in Great Baddow. Conveyancing is a frightening process 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.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Great Baddow
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Great Baddow I like with open areas and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Great Baddow in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and pass 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 lawyer regarding this matter.
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Great Baddow. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Great Baddow ?
Most houses in Great Baddow are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are buying in Great Baddow in which case you should be looking for a Great Baddow conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
Great Baddow Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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It is important to be aware if window replacement or some other major work is coming up to be shared amongst the leaseholders and will dramatically increase the the service fees or necessitate a specific invoice. This information is helpful as a) areas could result in problems in the building as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to know about it Who takes charge for maintaining and repairing the block?
Our lawyer in Great Baddow has discovered a a problem with the lease for the apartment we are purchasing in Great Baddow. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
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 mortgage company 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 bank 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.