Various internet forums that I have frequented warn that are a common reason for obstruction in Box conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Box.
Are there restrictive covenants that are commonly identified during conveyancing in Box?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Box. 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…’
How does conveyancing in Box differ for newly converted properties?
Most buyers of new build residence in Box come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Box tend to purchase the site, 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 conveyancers 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 used to new build conveyancing in Box or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Box with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Box can be avoided if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers’ lawyers. A minority of Box leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you hold a share in a the freehold, you should make sure that you have the original share document. Obtaining a replacement share certificate can be a lengthy process and slows down many a Box home move. Where a reissued share certificate is required, do contact the company officers or managing agents (if relevant) for this as soon as possible. The majority of landlords or Management Companies in Box levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Box.
I am the registered owner of a basement flat in Box, conveyancing formalities finalised in 2000. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Box with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2070
You have 51 years remaining on your lease the likely cost is going to span between £30,400 and £35,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
What is the reason for new build conveyancing in Box being more expensive?
Conveyancing in Box for newly converted or new build properties can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further questions and contractual considerations.