I am searching for value for money conveyancer. Should I go for for an internet conveyancer rather than a high street Woolton conveyancing lawyer?
Established third party relationships is an important consideration when choosing conveyancing solicitors. Woolton conveyancers benefit from long term relationships with lenders and selling, local authorities, valuers and other conveyancing firms meaning the whole process is going to be much smoother for you. Having years of experience in the local area also helps too.
Can you explain why leasehold purchase conveyancing in Woolton costs more?
The conveyancing fees on a leasehold premises in Woolton is inevitably greater as compared to a freehold property. This is due to the additional investigations required in liaising with the landlord and managing agents to obtain information concerning whether the rent and maintenance charges have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
We are selling our home in Woolton and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A high street Woolton lawyer would know this is not the case. It does beg the question why the purchasers used an online conveyancing firm rather than a conveyancing solicitor in Woolton. Having lived in Woolton for 5 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I purchased my home on 13 March and the transaction details is not yet registered. Should I be concerned? My conveyancing solicitor in Woolton said it will be formalised in less than a month. Are properties in Woolton uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Woolton registration formalities. As opposed to being determined by geographic area, timeframes can vary subject to who lodges the application, whether there are errors and if the Land registry must send notices to any 3rd parties. At present approximately three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be protracted delays. Registration takes place after the buyer is living at the property therefore an expedited registration is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
I'm purchasing my first flat in Woolton with the aid of help to buy. The sellers refused to budge the price so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my solicitor about the deal as it will adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am attracted to a two flats in Woolton both have in the region of fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Woolton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most 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 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 a property 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 Woolton 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 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 invested in buying a 2 bed flat in Woolton, conveyancing formalities finalised December 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Woolton with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2100
With 75 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus professional fees.
The figure 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 due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.