I am getting a mortgage offer from Lloyds. My intention is to instruct a Licensed Conveyancer in Earley. Does the Lloyds Conveyancing panel exclude conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Can the conveyancing practitioners that you recommend handle auction conveyancing in Earley?
We know of a few auction lawyers we can put you in touch with those conducting auction conveyancing. Earley is one of our locations where our lawyers are based.
How does conveyancing in Earley differ for newly converted properties?
Most buyers of new build or newly converted property in Earley contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Earley tend to acquire 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 accustomed to new build conveyancing in Earley or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and found one near me in Earley I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Earley suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Earley. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Earley are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Earley so you should seriously consider looking for a Earley conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I acquired a studio flat in Earley, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Earley with an extended lease are worth £202,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2077
With 57 years left to run the likely cost is going to be between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do 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. Neither should you move forward based on this information without first getting professional advice.