My partner’s step-father is a conveyancer. I am hopeful that I can be offered friends and family pricing for conveyancing, but if not, what level of fees would I typically be looking at for conveyancing in Hedge End?
It’s sensible to look for 3 or more like-for-like conveyancing quotes. Do use our search tool on this site. The fees do vary but the service one can expect are distinct between conveyancers as is the case with the vast majority of professional services.
I am need of leasehold conveyancing for an apartment in a fairly new development (seven years built) in Hedge End. The vast majority the properties are already disposed of. Do I need carry out the conveyancing searches as part of conveyancing in Hedge End?
You would be opening yourself up to an unnecessary risk in refusing to carrying out Hedge End conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would absolutely advise in no uncertain terms that your conveyancer conducts them. If speed and expenses are primary concerns you should discuss with your conveyancer about the viability of search insurance
How does conveyancing in Hedge End differ for newly converted properties?
Most buyers of new build or newly converted property in Hedge End contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Hedge End tend to acquire the site, 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 used to new build conveyancing in Hedge End or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Hedge End is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hedge End are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hedge End you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hedge End may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am tempted by the attractive purchase price for a two apartments in Hedge End both have about 50 years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Hedge End is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. 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 premises 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 a property 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 Hedge End 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 own a split level flat in Hedge End, conveyancing formalities finalised 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Hedge End with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2095
You have 71 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Is it the case that all Hedge End legal practices on every bank conveyancing panel?
You can use our search tool or you can drop into your high street bank branch in Hedge End. the probability is that they will know some good conveyancing solicitors in Hedge End