I have given 2 months notice to my current landlord and have to vacate my let out apartment in Harbury by the end of next month. Conveyancing on my purchase is progressing. Can I complete in a couple of weeks as don't want to have to move into temporary accommodation?
It is unwise to serve notice for your tenancy until your lawyer suggests that you should. If you have not previously done so, update to your solicitor and request that they seek the assistance the other lawyers, try to get a realistic time scale from them that everyone will work to achieve
I have been told that property searches are the number one reason for obstruction in Harbury conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Harbury.
Is it possible to swap solicitor as I have to retain a firm on the National Westminster Bank conveyancing list. I was using a family conveyancing solicitor in Harbury round the corner but she is not approved by National Westminster Bank
It would be our pleasure to assist you find a conveyancing solicitor in Harbury on the National Westminster Bank panel. Please note that the solicitors that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Harbury. In utilising the find a conveyancing solicitor tool on this website, you can contrast fees for conveyancing solicitors in Harbury and throughout England and Wales.
My husband and I are new to the buying process - agreed a price, yet the property agent has warned us that the vendor will only move forward if we instruct the agent's preferred lawyers as they want an ‘expedited deal’. We would rather use a family solicitor accustomed to conveyancing in Harbury
It is unlikely the owners are driving this. If they want ‘a quick sale', taking such a hostile approach to a serious buyer is not the way to achieve this. Contact the owners directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you will continue to use your preferred Harbury conveyancing solicitors - not the ones that will provide the negotiator at the agency a referral fee or meet his conveyancing targets pre-set by senior management.
I am tempted by the attractive purchase price for a two apartments in Harbury which have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Harbury is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Harbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a basement flat in Harbury, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Harbury with over 90 years remaining are worth £221,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2088
With 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.