Can conveyancing in Gloucester to be finalised within a month?
First, If the seller is applying a tight deadline to exchange we would recommend that your lawyer is familiar with the area as they will make use of local contacts and insight. It is even conceivable that they would have transacted previousproperties in the same street. You would be best advised to use a Gloucester conveyancing firm. In addition, double check that the lawyer is on the on the approved list for your mortgage company. It is claimed that 18% of Gloucester conveyancing transactions are suspended or jeopardised after finding out that a purchaser’s lawyer was not on their banks member panel. This can often result in the home move being frustrated by an average of three weeks. It is understood that this issue impacts approximately 100,000 home sales every year. Many Gloucester conveyancing practices can not act for certain mortgage companies so do check at the outset.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Gloucester is the location of the property. What do you suggest?
Flying freeholds in Gloucester are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gloucester you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gloucester may determine 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 premises.
I have been recommended by a couple of local estate agents in Gloucester to locate a property lawyer on your site. Is there a financial inducement for Estate Agents to offer your site over another?
We refuse to make any commission for directing people our way. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a busy estate agency in Gloucester where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Gloucester conveyancing firms. Can you clarify whether the vendor of a flat can instigate 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I purchased a 1st floor flat in Gloucester, conveyancing having been completed 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Gloucester with a long lease are worth £222,000. The ground rent is £50 per annum. The lease terminates on 21st October 2089
With only 70 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
We are in the middle of purchasing a house in Gloucester. Conveyancing lawyer has phoned to say the property is "Leasehold". Should this adversely affect the salability of the property?
Gloucester conveyancing does not usually involve leasehold houses. The main consideration here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a adverse impact on the value, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease to be supplied to your property lawyer.