I am in the market for a reasonably priced conveyancer. Do I opt for a national conveyancer or a family Paddock Wood conveyancing solicitor?
Established third party relationships is an important consideration when appointing conveyancing lawyers. Paddock Wood law firms enjoy long term relationships with lenders and estate, local authorities, valuers and other law firms meaning you will move in shortest possible time. Possessing a well rounded knowledge of the local area is also a plus .
The owners have very pushy sellers who has suggested a lock out contract with a down payment of 5k. Are such agreements promoted for Paddock Wood conveyancing transactions?
This kind of agreement isn't frequently used in Paddock Wood, conveyancers are often found to direct clients away from them as they detract from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no assurance that just because the owner has signed a lock out contract they will complete the sale with you. They may be in contravention of the agreement if they are offered sufficient offer to do so because a wronged purchaser with the benefit of a exclusivitycontract will still have to establish consequential losses from the breach and these may not equate the financial benefit that your vendor may secure by breaching the agreement, no matter how morally shameful the behaviour is.
Just had an offer accepted on a new build flat in Paddock Wood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Paddock Wood
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I decided to have a survey completed on a property in Paddock Wood prior to retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks will refuse to give a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Paddock Wood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Paddock Wood to see if the conveyancing costs will increase in light of this.
Can you provide any top tips for leasehold conveyancing in Paddock Wood from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Paddock Wood can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers’ representatives. You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a new share certificate can be a lengthy process and frustrates many a Paddock Wood conveyancing transaction. If a new share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity. Some Paddock Wood leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Paddock Wood state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. Should you dont have the consents to hand do not contact the landlord without contacting your solicitor before hand.
I inherited a basement flat in Paddock Wood, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Paddock Wood with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2086
With just 61 years unexpired the likely cost is going to span between £19,000 and £22,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Why am I unable to complete our conveyancing in Paddock Wood on Good Friday?
Because on completion the money will be transferred electronically between the banks of the buyer and owner’s property lawyer and currently this can only take place on a working day. So you can't complete on a saturday or sunday either.