The solicitor who assisted with my last purchase has quoted £1700 for fixed fee conveyancing in Old Malden. I’m hoping to sell a newly refurbished house for £125,000. Is this overpriced? Is it above what I should be paying for conveyancing in Old Malden?
The estimate does seem a tad overpriced. Where you are prepared to spend time scrutinising charges you could decrease the fees marginally by perhaps £125. That being said, you maylive to regret choosing an a cheaper conveyancer. Don't forget to be sure the conveyancer can represent your bank. Do utilise our comparison tool to get a quote a Old Malden conveyancing practice on the lender’s approved list of lawyers which can often include conveyancing solicitors in Old Malden.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The lawyers who did the conveyancing in Old Malden 5 years ago have long since closed. What do I do?
Gone are the days when you need to have the physical official documentation to evidence that you are the registered proprietor of land or premises, given that the Land Registry have everything they need in a digital format.
I am looking for a flat up to £305k and identified one round the corner in Old Malden I like with a park and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Old Malden for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I am 14 days into a residential purchase having been referred to a firm by the high street agent to handle our conveyancing in Old Malden. I am am starting to be dissatisfied with the quality of service. Can you you assist me in finding new lawyers?
A lawyer would need to be really bad to suggest replacing them. Has the loan offer been issued? In the event that it has you need to advise them of the replacement solicitor and have the loan are re-sent. Your new solicitor ideally should be on the lenders approved list to avoid escalating expenses and frustration. That should be your starting point. Our search tool should help you find a bank approved lawyer for your conveyancing in Old Malden
I am attracted to a couple of maisonettes in Old Malden both have in the region of 50 years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Old Malden is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and lenders, leases with under 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 a residence 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 Old Malden 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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 have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Old Malden conveyancing firm to assist?
Most certainly. We can put you in touch with a Old Malden conveyancing firm who can help.
An example of a Lease Extension case for a Old Malden flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
We own a leasehold flat in Old Malden. Conveyancing was finished in 2011. I have heard that I mustn’t allow the the remaining lease term to get too short. Is this right?
Old Malden residential long term leases are for a set term - often 99 years when they commenced. However a significant flats in Old Malden were constructed or converted in the 60’s and so these leases now have under eighty years left to run. This may seem like plenty of time however Banks, Building Societies and other mortgage lenders tend to require leases to have a minimum of seventy five years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To enhance your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease hits eighty years as when the lease falls below 80 years the amount you have to pay to extend starts to escalate.