Why do I have to pay up front for my conveyancing in Braintree?
Where you are retaining lawyers for conveyancing in Braintree your solicitor will request that you place them with monies to cover the search fees. Ordinarily this is called for to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be required shortly prior to contracts are exchanged. The final balance that is due should be transferred a few days prior to the completion date.
My wife and I purchased a renovated Victorian property in Braintree. Conveyancing solicitor acted for me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the exact same address. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Braintree and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing solicitor who conducted the purchase.
I have been on the look out for a flat up to £195,000 and found one round the corner in Braintree I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Braintree in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Am I best advised to instruct a Braintree conveyancing practitioner who is local to the property I am buying? I have an old university friend who can carry out the legal work however they are based 400kilometers drive away.
The primary upside of using a high street Braintree conveyancing firm is that you can visit the firm to execute paperwork, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a benefit. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were happy that should surpass using an unfamiliar Braintree conveyancing solicitor just because they are Braintree based.
I am employed by a reputable estate agency in Braintree where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Braintree conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Braintree - Examples of Queries Prior to buying
Is anyone aware of any major works anticipated that will increase the maintenance fees? It is important to be aware if fixing the lift or some other significant cost is due in the foreseeable future that will be shared by the leasehold owners and could well materially impact the level of the service charges or necessitate a specific invoice.