I am need of leasehold conveyancing for a flat in a fairly new development (seven years built) in Tadley. The vast majority the flats are already occupied. Do I need carry out the neighbourhood searches for my conveyancing in Tadley?
You would be opening yourself up to an unnecessary risk in not carrying out Tadley conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal requirement to have them, but we would strongly advise in no uncertain terms that you have them. If accelerating the process and driving down costs are top of your concerns you should consider with your solicitor about the possibility of search insurance
When it comes to lenders such as Coventry BS, do Tadley lawyers incur an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I have a mortgage with Principality for my property in Tadley. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Principality must be informed of your intention prior to renting your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel firm.
I was told four weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Tadley is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been told that property searches are the primary reason for hinderance in Tadley conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Tadley.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Tadley I like with amenity areas and station in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Tadley in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
How difficult is it to switch firm as I need to choose one who is on the Platform Home Loans Ltd conveyancing panel. I was using a high street conveyancing solicitor in Tadley round the corner but the firm is not approved by Platform Home Loans Ltd
We will our best to assist in finding you a conveyancing solicitor in Tadley on the Platform Home Loans Ltd panel. Please note that the conveyancers that we list do not pay us commission if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Tadley. Using the find a conveyancing solicitor tool on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Tadley.
I am a negotiator for a busy estate agency in Tadley where we see a number of flat sales derailed due to short leases. I have received contradictory information from local Tadley conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 own a leasehold flat in Tadley, conveyancing was carried out in 2009. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Tadley with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2085
With only 60 years unexpired we estimate the price of your lease extension to be between £20,000 and £23,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.