Is there a reason why leasehold purchase conveyancing in Maltby is more expensive?
The conveyancing charges on a leasehold property in Maltby is inevitably higher than on a freehold acquisition or disposal. This is because there is an amount of supplemental investigations necessary in liaising with the landlord and management company to collate the evidence about whether the rent and maintenance charges have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.
I am considering applying for a Coventry BS mortgage for purchase of a new build (under development) in Maltby with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
four months have elapsed since my purchase conveyancing in Maltby took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Maltby differ for new build properties?
Most buyers of new build residence in Maltby approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because builders in Maltby typically purchase the real estate, 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 property lawyers 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 Maltby or who has acted in the same development.
I'm converting the mortgage on my existing house to a BTL loan with Alliance & Leicester and intend to use the remaining equity as a deposit on further property. The neighborhood we are looking at is Maltby. Will your solicitors be able to act for both sets of mortgage companies and tie in the two deals?
Make use of our comparison tool on this page to ensure that the lawyers are on the relevant lender panels. On the basis that they are the solicitor will be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and make apparent your desired outcome and needs.
I work for a long established estate agent office in Maltby where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Maltby conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I purchased a split level flat in Maltby, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Maltby with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease finishes on 21st October 2080
With just 56 years unexpired the likely cost is going to range between £29,500 and £34,000 as well as legals.
The suggested premium range 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 detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.