Completed the sale of my flat in Lutterworth last May yet the purchaser is texting daily to moan that his lawyer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
After completion of your disposal your solicitor is committed to deliver the transfer deeds and all supplemental paperwork to the purchaser's conveyancer. If applicable, your lawyer must also send confirmation that the legal charge in favour of the lender has been repaid to the buyers solicitors. There are no post completion requirements peculiar conveyancing in Lutterworth.
Just bought a semi-detached house in Lutterworth , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Lutterworth conveyancing solicitor works at snail pace, so I want to be sure the land registry aspects are concluded.
There is nothing unique when it comes to conveyancing in Lutterworth registration formalities. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether there are errors and whether the Land registry communicate with any third persons or bodies. Currently approximately 80% of such applications are fully addressed in less than three weeks but some can be subject to extensive delays. Registration occurs once the purchaser has moved in to the property therefore an expedited registration is not typically top priority but if there is a degree of urgency associated with the registration then you or your conveyancer could speak with the land registry and explain the circumstances.
I am looking for a flat up to £305k and identified one close by in Lutterworth I like with amenity areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Lutterworth for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Is it possible to switch conveyancer as I need to find a firm on the Alliance & Leicester conveyancing panel. I had appointed a family conveyancing solicitor in Lutterworth round the corner but he is not accepted by Alliance & Leicester
We will our best to assist in finding you a conveyancing solicitor in Lutterworth on the Alliance & Leicester panel. Please note that the law firms that we list do not pay us fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Lutterworth. In making use of search facility on this site, you can compare charges for conveyancing solicitors in Lutterworth and throughout England and Wales.
In scouring the web for the words on line conveyancing in Lutterworth it shows results of numerous conveyancersin the area. With so much choice what is the best way to find the suitable conveyancer for me?
The preferential way of finding the right conveyancer is through a personal referral, so ask colleagues and relatives who have bought a property in Lutterworth or the reputable estate agent or mortgage broker. Charges for conveyancing in Lutterworth vary, so it's a good idea to secure at least four fee calculations from varying types of solicitors. Dont forget to clarify that the fees are fixed.
I am tempted by the attractive purchase price for a couple of flats in Lutterworth both have in the region of fifty years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Lutterworth is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and banks, leases with less than 75 years become less and less attractive. On a more upbeat 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 premises 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 Lutterworth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 invested in buying a 1 bedroom flat in Lutterworth, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Lutterworth with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2079
With 58 years remaining on your lease we estimate the premium for your lease extension to span between £23,800 and £27,400 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.