My partner and I are buying a brand new flat in Grove and my lawyer is telling me that she has to the bank to disclose incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
At what point will exchange of contracts take place for sale conveyancing in Grove and do I need to be at the solicitors branch?
If you are local to one of the conveyancing solicitors in Grove you are invited in to sign contracts. However, the firms we recommend supply a national conveyancing service and give just as detailed and professional a job for you when dealing with you digitally. The signing of the property agreement is not the point of no return. A signed contract is just a prerequisite for the solicitor to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Grove)to be in the office available at the end of the phone to exchange contracts.
How does conveyancing in Grove differ for new build properties?
Most buyers of new build property in Grove come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Grove typically buy 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 Grove or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and identified one near me in Grove I like with open areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Grove in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
What advice can you give us when it comes to finding a Grove conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Grove conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Grove conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
What are the costs for lease extension work?
I bought a basement flat in Grove, conveyancing having been completed in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Grove with a long lease are worth £222,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2090
With only 71 years remaining on your lease the likely cost is going to range 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 a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.