My best friend’s brother is a solicitor. I suspect that I will receive preferential pricing for conveyancing, but if not, what kind of costs should I be expecting for conveyancing in Winchester?
Do contrast pricing. Do use our comparison tool on this page. You will notice that fees will vary but the service one can expect differ between property lawyers as is true with most professions.
It is 10 years ago since I acquired my home in Winchester. Conveyancing lawyers have just been appointed on the sale but I can't track down my title deeds. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with the mortgage company or they could be archived with the lawyers who handled the purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Winchester relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
The estate agent has sent us the confirmation of our purchase of a new build flat in Winchester. Conveyancing is a frightening process 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 legal work.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Winchester
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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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan.
Due to the advice of my in-laws I had a survey completed on a property in Winchester prior to appointing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some lenders tend not give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Winchester. Conveyancing will be smoother if you use a solicitor in Winchester especially if they are acquainted with such properties in Winchester.
Hoping to buy a property located in Winchester and I am already nervous. I couldn't find anything specific about Winchester. Conveyancing will be needed in due course but do you know about the Winchester area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Winchester. In the meantime here are some basic statistics that we found
I am tempted by the attractive purchase price for a two apartments in Winchester which have in the region of fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Winchester is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Winchester conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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 own a 1st floor flat in Winchester, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Winchester with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2076
With just 52 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.