Why is leasehold purchase conveyancing in Longfield costs more?
Longfield leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
When looking at moneysavingexpert.com for a high-quality solicitor in Longfield, most comment that I should use a CQS assured lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to best practice conveyancing processes via the scheme protocol the standard covers numerous organisations who carry out conveyancing in Longfield.
Should my lawyer be raising questions regarding flooding as part of the conveyancing in Longfield.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Longfield. Plenty of people will acquire a house in Longfield, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Longfield. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to determine if the premises has historically flooded. In the event that the residence has been flooded in past which is not notified by the seller, then a buyer could commence a claim for damages as a result of such an misleading reply. The buyer’s lawyers should also commission an environmental search. This will indicate whether there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
I'm buying my first flat in Longfield with a mortgage from Nottingham Building Society. The sellers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about this deal as it could adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a flat up to £195,000 and identified one near me in Longfield I like with open areas and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Longfield for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension 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 matter.
Having checked my lease I have discovered that there are only 68 years remaining on my flat in Longfield. I now wish to extend my lease but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. On the whole an enquiry agent would be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Longfield.
I am the registered owner of a studio flat in Longfield, conveyancing having been completed in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Longfield with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2088
With just 68 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. 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 considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.