In the event thatI were to purchase a freehold housein Fenny Stratford for cash and have no survey and no local authority searches how much could I expect to have to pay for conveyancing in Fenny Stratford?
The sole reduction in fees you would achieve is the costs for searches. The conveyancing practitioner still be obliged to do everything else - money laundering, correspond with the vendors solicitor, stamp duty return, register the title etc. You might save a bit for them not having to register a charge but it will not be meaningful.
What is the first thing I need to know concerning purchase conveyancing in Fenny Stratford?
Not many law firms or advisers will tell you this but conveyancing in Fenny Stratford and elsewhere in England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is an abundance of opportunity for friction between you and other parties involved in the ownership transfer. E.g., the vendor, selling agent and sometimes your bank. Appointing a solicitor for your conveyancing in Fenny Stratford is a critical decision as your conveyancer is your adviser, and is the ONE party in the process whose role it is to look after your legal interests and to keep you safe.
We are witnessing a worrying ongoing adversarial element to conveyancing- someone must be blamed for the process being so protracted. We recommend that you should always trust your solicitor above all other players when it comes to the legal assignment of property.
Will my solicitor be raising enquiries about flooding as part of the conveyancing in Fenny Stratford.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Fenny Stratford. There are those who purchase a house in Fenny Stratford, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Fenny Stratford. The standard information given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to discover if the property has suffered from flooding. If the premises has been flooded in past which is not revealed by the seller, then a purchaser may bring a claim for damages resulting from an misleading reply. The buyer’s lawyers may also carry out an enviro report. This should reveal whether there is a recorded flood risk. If so, further inquiries should be carried out.
I decided to have a survey done on a house in Fenny Stratford prior to retaining lawyers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will not grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fenny Stratford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a couple of apartments in Fenny Stratford both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
I own a leasehold flat in Fenny Stratford, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Fenny Stratford with over 90 years remaining are worth £186,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2073
With only 52 years left to run we estimate the price of your lease extension to be between £29,500 and £34,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.