Is there a reason why leasehold purchase conveyancing in The Hale costs more?
The conveyancing fees for a leasehold premises in The Hale is often greater than on a freehold residence. This is because there is an amount of supplemental work required in corresponding with the landlord and managing agents to obtain information about whether the rent and maintenance fee have been cleared and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
I require expedited conveyancing in The Hale as I am faced with a deadline to exchange contracts inside one month. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a mortgage free buyer you are at free not to do searches although no solicitor would suggest that you don't. Drawing on our experience of conveyancing in The Hale the following are instances of what can appear and adversely affect future saleability: Enforcement Notices, Overdue Charges, Overdue Grants, Unadopted Roads,...
How does conveyancing in The Hale differ for newly converted properties?
Most buyers of new build property in The Hale contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in The Hale usually acquire 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 conveyancing solicitors 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 accustomed to new build conveyancing in The Hale or who has acted in the same development.
I opted to have a survey carried out on a property in The Hale prior to instructing solicitors. I have been told that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies will refuse to give a loan on such a house.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in The Hale. Conveyancing may be slightly more expensive based on your lender's requirements.
I am employed by a long established estate agency in The Hale where we see a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local The Hale conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in The Hale. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension case for a The Hale property is 20 Orchard Court Stonegrove in June 2009. The tribunal decided that a premium of £11,040 should be payable for the new lease This case affected 1 flat. The number of years remaining on the existing lease(s) was 71.55 years.
I have been advised by many estate agents that it can take six to eight weeks for The Hale conveyancing to complete.This was a month ago. The draft contract was only forwarded from the vendors solicitor last week so now does it countdown?
No official countdown exists for conveyancing in The Hale, or any area in the UK. You simply have to make sure your finances are in place and wait for the rest to come to you eventually.