I am need of leasehold conveyancing for a flat in a relatively new development (6 years built) in Mayfield. 95% of the flats are already disposed of. Do I need carry out the local searches for my conveyancing in Mayfield?
You are opening yourself up to an unnecessary risk in not carrying out Mayfield 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 without a mortgage there is no legal necessity to have them, but we would seriously advise in no uncertain terms that you have them. Where time pressures and price are primary concerns you should discuss with your solicitor about the option of search insurance
We're in Mayfield, First time buyers purchasing with a mortgage (lender is Coventry BS , and our solicitor is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I had a mortgage agreed in principle with HSBC. Mayfield conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from HSBC?
There is no definitive answer here. Have HSBC done the survey? Have you advised HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We were going to get a OIP from Co-operative this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any Mayfield solicitors on the Co-operative conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Mayfield solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
HSBC have agreed my mortgage in principle, my offer on a apartment in Mayfield has been agreed to, what happens next?
Your property agent will wish to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s panel). Call up HSBC or your financial adviser and finish off any appropriate paperwork. HSBC will instruct a valuer who will get in touch with the selling agent or owners to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. HSBC will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Mayfield.
Do I need to take out insurance to address the risk of chancel repairs when purchasing a house in Mayfield?
Unless a previous acquisition of the property took place post 12 October 2013 you may take it that lawyers conducting conveyancing in Mayfield to continue to recommend a chancel search and or insurance against a claim.
I am selling my property. My past conveyancers closed down. I am in need of a recommendation of a conveyancing firm. Im based in Mayfield if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Mayfield. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
I work for a long established estate agent office in Mayfield where we see a few leasehold sales derailed due to short leases. I have received inconsistent advice from local Mayfield conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 acquired a studio flat in Mayfield, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Mayfield with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease ceases on 21st October 2077
With only 53 years remaining on your lease the likely cost is going to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
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. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.