We were about to choose a conveyancing solicitor in Swinton listed by you but have come across alternative quotes on the internet appear less pricey – how come?
One can find numerous solicitors advertising at first sight what seems to be cut price. Our advice is to think twice as to how much you respect your own move to you are willing to take 'cheap' risks in relation to the quality of the conveyancing. Many of them highlight a bargain quote to catch your eye but plant additional fees in the small print..
Please explain the implications if my lawyer’s firm is removed from the Aldermore Conveyancing panel ahead of completing my conveyancing in Swinton?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
The estate agent has sent us the confirmation of our purchase of a new build flat in Swinton. Conveyancing is necessary evil 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 legal work.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Swinton
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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. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan.
I decided to have a survey carried out on a house in Swinton before instructing lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some lenders tend not issue a loan on such a property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Swinton. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for my conveyancing in Swinton. I have land on a site which appears to be the ideal answer If it is possible to get all the legals done via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am looking at a couple of apartments in Swinton which have about forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Swinton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Swinton 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 purchased a 2 bed flat in Swinton, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Swinton with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2078
With 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.