When will exchange of contracts take place for purchase conveyancing in Bracknell and am I required to be at the solicitors branch?
If you are in close proximity to our conveyancing solicitors in Bracknell you are invited in to sign contracts. However, the firms we work with offer a national conveyancing service and provide as equally diligent and professional a job for you when communicating with you electronically. The signing of the property agreement is not the point of no return. Signing on the dotted line is necessary for the firm to address the formalities when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bracknell)to be in the office at the appropriate time.
I have been told that property searches are the main reason for stalling in Bracknell conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Bracknell.
The deeds to my house can not be found. The lawyers who handled the conveyancing in Bracknell 10 years ago have long since closed. Will I be able to sell the house?
These day there are duplicates made of almost everything, and your lawyer will know exactly where to find all the appropriate paperwork so you can buy or sell your house without a hitch. Where copies can’t be found, your lawyer may be able to put in place insurance or indemnities against future claims on the premises.
I'm converting the mortgage on my current property to a buy to let loan with Coventry Building Society and intend to use the remaining equity as a deposit on further property. The neighborhood we are looking at is Bracknell. Will your conveyancers be able to act for the two mortgage companies and tie in the two deals?
Do use our comparison tool on this site to ensure that the lawyers are on the relevant lender panels. On the basis that they are the solicitor will be able to connect the two conveyancing matters but you should have a chat with you solicitor and specify your desired outcome and requirements.
I am looking at a couple of flats in Bracknell which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Bracknell is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive 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 Bracknell 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 own a garden flat in Bracknell, conveyancing having been completed June 1996. Can you work out an approximate cost of a lease extension? Comparable properties in Bracknell with an extended lease are worth £211,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2089
With 68 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns 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 without first getting professional advice.