Having sold my house in Castle Eden last March but the buyer keeps telephoning daily complaining that her lawyer is waiting to hear from mine. What are the post completion sale formalities following completion?
Following your house sale your solicitor should send the transfer documentation and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your solicitor should also evidence that the home loan has been discharged to the buyers lawyers. There is unlikely to be post completion procedures unique to conveyancing in Castle Eden.
I am buying a semi-detached house in Castle Eden. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Castle Eden you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Castle Eden.
Just had an offer accepted on a new build flat in Castle Eden. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Castle Eden
There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Castle Eden is where the house is located. What do you suggest?
Flying freeholds in Castle Eden are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Castle Eden you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Castle Eden may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I work for a busy estate agency in Castle Eden where we have witnessed a few leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Castle Eden conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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.
I inherited a 1st floor flat in Castle Eden, conveyancing having been completed May 2008. How much will my lease extension cost? Comparable flats in Castle Eden with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2094
With 75 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.