I opted for a local lawyer for our conveyancing in Rainham last week. Looking through the Terms and Conditions I noteI am responsible for costs even if the sale aborts. Should I go with them or select an internet conveyancing company advertising no completion no cost conveyancing in Rainham?
Generally there is a concession along the lines that if "No Sale No Fee" is offered then the fee levels will tend to be be more expensive to offset those transactions that do not go ahead. Please beware that such promotions generally do not cover outlay for instance Rainham conveyancing search fees.
What is the first thing I need to know regarding purchase conveyancing in Rainham?
You may not hear this from too many lawyers but conveyancing in Rainham and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and others involved in the transaction. E.g., the vendor, property agent and even potentially the bank. Choosing a lawyer for your conveyancing in Rainham an important selection as your conveyancer is your adviser, and is the SOLE party in the legal process whose interest is to act in your best interests and to protect you.
There is a distinct ongoing adversarial element to conveyancing- someone has to be blamed for the process being so protracted. We recommend that you must always trust your solicitor ahead of all other parties in the conveyancing process.
Are there restrictive covenants that are commonly identified as part of conveyancing in Rainham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Rainham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Rainham differ for new build properties?
Most buyers of new build premises in Rainham contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because developers in Rainham tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rainham or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Rainham I like with a park and railway links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Rainham suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am employed by a long established estate agency in Rainham where we have witnessed a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Rainham conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 am the registered owner of a second floor flat in Rainham. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Absolutely. We can put you in touch with a Rainham conveyancing firm who can help.
An example of a Lease Extension case for a Rainham property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.