I opted for a local solicitor for our conveyancing in Easthampstead last week. Upon checking the official terms of business I noteI am liable for costs even if our purchase aborts. Should I go with them or instruct a web based solicitor practice offering no move no charge conveyancing in Easthampstead?
It is usually ‘give and take’ in that if "No Sale No Fee" is available then the conveyancing charges will generally be uplifted to offset the transactions that abort. Do bear in mind that such schemes rarely cover disbursements for instance Easthampstead conveyancing search charges.
I have given 8 weeks notice to my existing landlord and have to be out of my let out flat in Easthampstead by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in a couple of weeks as don't want to have to move into temporary accommodation?
It is unwise to serve notice for your letting unless you have exchanged. If you have not previously done so, speak to your lawyer and urge them to they apply pressure on the other lawyers, try to get a realistic time scale from them that all parties will work to achieve
My lawyer in Easthampstead is not on the Barclays Solicitor Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Barclays list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Easthampstead lawyers but Barclays will need to use a conveyancer on their panel. This will inevitably rack up the total legal fees as well as result in frustration.
- Choose an alternative solicitor to act in the conveyancing, obviously checking they are Barclays approved.
- Try to convince your Barclays based solicitor to attempt to join the Barclays panel
Are there restrictive covenants that are commonly identified during conveyancing in Easthampstead?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Easthampstead. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am tempted by the attractive purchase price for a two apartments in Easthampstead which have about fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Easthampstead is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under 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 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 Easthampstead 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 purchased a leasehold flat in Easthampstead, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Easthampstead with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2082
With only 58 years unexpired the likely cost is going to be between £22,800 and £26,400 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you 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 are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.