I am purchasing a leasehold flat in Higham Wood. My property lawyer has never been on on the bank conveyancing list. Is it possible for me to appoint my Higham Wood conveyancing solicitor notwithstanding that they are excluded from the lender list of approved lawyers?
You have a number of options open to you here
- Proceed with your existing Higham Wood conveyancing practitioner but your mortgage company will need to appoint a property lawyer on their approved panel. The net result is additional fees together with likely interruption.
- Choose a fresh conveyancing practitioner to conduct the conveyancing, obviously checking they are on the mortgage company conveyancing panel.
- Convince your lawyer to apply to join the mortgage company panel
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Higham Wood I like with open areas and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Higham Wood for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
What does commercial conveyancing in Higham Wood cover?
Commercial conveyancing in Higham Wood incorporates a wide array of services, supplied by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
In scouring the internet for the term cheap conveyancing in Higham Wood it shows results of many conveyancersin the vicinity. How do I determine which is the suitable property lawyer for the sale of my house?
The ideal method of choosing a suitable conveyancer is via personal referral, so enquire of colleagues and relatives who have acquired a property in Higham Wood or a reputable estate agent or mortgage broker. Charges for conveyancing in Higham Wood vary, so it's sensible to request a minimum of four fee calculations from varying types of companies. Be sure to secure confirmation that the fees are fixed.
I am a negotiator for a long established estate agency in Higham Wood where we have experienced a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Higham Wood conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a 2 bed flat in Higham Wood, conveyancing was carried out 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Higham Wood with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2086
You have 65 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should 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 you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
I have today placed an offer on an apartment in Higham Wood and the mortgage adviser that we are using recommended his conveyancer. They quoted £800 excluding VAT and 3rd party costs. Does this sound like a good deal?
Don't just go on 1 estimate. You should obtain like-for-like quotes for your conveyancing in Higham Wood. Then select one that you are comfortable with and crucially, is on the approved list of the bank that you are sourcing your mortgage from.