I have given 2 months notice to my current landlord and have to leave my let out apartment in Par by 4/6/2024. Conveyancing for my house purchase has just started. Can I complete in 4 weeks as don't want to have to move into short term accommodation?
The normal practice is not to serve notice on a rental until exchange of contracts has taken place. If you have not previously done so, speak to your conveyancer and ask them to they seek the assistance the sellers lawyers, try to a target completion date that everyone will aim towards
When will exchange of contracts happen for purchase conveyancing in Par and do I need to attend the solicitors branch?
If you are near to one of the conveyancing solicitors in Par you are invited in to sign documents. However, the lender approved solicitors we recommend provide a national conveyancing service and give as equally diligent and professional a job for you when communicating with you by post or email. The signing of the sale agreement is not the critical part. Signing on the dotted line simply enables the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Par)to be in the office available at the end of the phone to exchange contracts.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Par. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Par
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Par and how can your lawyers assist?
The 1954 Act affords protection to business lessees, granting the legal entitlement to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Par
Back In 2003, I bought a leasehold flat in Par. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Par who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Par conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Par - Sample of Queries Prior to Purchasing
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You should be aware that where the lease has less than eighty years it will affect the value of the apartment. It is worth checking with your lender that they are happy with residual term of the lease. A short lease means that you will probably require a lease extension sooner rather than later and you need to have some idea of what this will be. For most Parlease extensions you will need to own the premises for two years before you are eligible to extend the lease. The best form of lease structure is a share of the freehold. In this scenario the tenants have being in charge if their destiny and notwithstanding that a managing agent is usually retained if it is larger than a house conversion, the managing agent is directed by the tenants. Are there any major works anticipated that will add a premium to the maintenance fees?
We own a leasehold flat in Par. Conveyancing was completed in 2010. I have been told that I should not let the lease length get too short. What is the reasoning?
Par residential long term leases are for a prescribed term - normally ninety nine years when they started. However many flats in Par were constructed or converted 20 or more years ago and so such leases now have under 80 years remaining. This may seem like a long time however Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To maximise the marketability of your property you should be thinking about whether to extend your lease long before you come to sell it. There are also significant benefits to taking action before the lease hits eighty years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.