We chose a local solicitor for my conveyancing in Oldland recently. Reviewing the Ts and Cs I seeI am on the hook for charges even where the conveyance does not complete. Would I be best advised to choose a web based firm offering no completion no cost conveyancing in Oldland?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the conveyancing charges will generally be more expensive to cover those transactions that fail to complete. Also remember that such schemes generally do not protect you from expenses such as Oldland conveyancing search charges.
My brother and I have lately purchased a house in Oldland. We have noticed several problems with the property which we suspect were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been carried out as part of conveyancing in Oldland?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Oldland. Conveyancing searches and investigations undertaken during the buying process are supposed to help avoid problems. As part of the legal transfer of property, the vendor completes a document referred to as a SPIF. If the information is incorrect, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Oldland.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Oldland I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Oldland in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Are there any apps to assist me to locate a Oldland solicitor on the Halifax conveyancing panel? I have a car and am happy to travel upto 20miles to meet the conveyancer.
Feel free to make use of the search on this website. Please select a mortgage company and your location and you will see a number of Oldland conveyancing lawyers based on proximity. We have listed some Oldland conveyancing firms at the bottom of this page and you can ring them to see whether they are on the Halifax panel
My step-father has urged me to use his conveyancers in Oldland. Should I find my own property lawyer?
There are no two ways about it the best way to select a conveyancing lawyer is to seek feedback from friends or relatives who have experience in using the conveyancer you're are thinking of instructing.
I am tempted by the attractive purchase price for a two flats in Oldland which have in the region of fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Oldland is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. 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 Oldland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 invested in buying a 1 bedroom flat in Oldland, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Oldland with a long lease are worth £186,000. The ground rent is £55 yearly. The lease terminates on 21st October 2078
With 53 years remaining on your lease we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.