I am in a contract race with another prospective purchaser for a property in Hillsborough. What can I do to accelerate the conveyancing process?
First, If the seller is applying a tight deadline to sign contracts we would recommend that your lawyer is familiar with the location as they will benefit local contacts and knowledge. It is even conceivable that they would have transacted otherhomes in the same neighbourhood. You would be best advised to use a Hillsborough conveyancing lawyer. Second, be sure that the lawyer is on the lender panel. It is claimed that just under twenty per cent of Hillsborough conveyancing deals are frustrated or derailed after discovering a purchaser’s solicitor was not on their mortgage lender’s member panel. This can often result in the transaction being delayed by almost 21 days. It is believed that this issue affects in the region of one hundred thousand home sales annually. Most Hillsborough conveyancing firms can not act for certain lenders so do check at the outset.
I am purchasing a house and the conveyancer has raised the issue of Chancel Repair for which the house could be liable given it’s proximity to the area of such a church. She has mentioned insurance. Is this strictly required for conveyancing in Hillsborough
Unless a previous purchase of the property completed post 12 October 2013 you can expect lawyers carrying out conveyancing in Hillsborough to continue to suggest a chancel search and or chancel repair liability insurance.
We're FTB’s - agreed a price, but the estate agent told us that the seller will only go ahead if we appoint the agent's chosen lawyers as they want a ‘quick sale’. My instinct tells me that we should use a family solicitor used to conveyancing in Hillsborough
We suspect that the seller is unaware of this requirement. If they require ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and explain that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you will continue to use your own,trusted Hillsborough conveyancing lawyers - rather thanthose that will provide the estate agent a referral fee or hit his conveyancing thresholds set by head office.
I am employed by a long established estate agent office in Hillsborough where we have witnessed a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Hillsborough conveyancing firms. Could you confirm whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 bought a leasehold flat in Hillsborough, 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? Corresponding properties in Hillsborough with over 90 years remaining are worth £227,000. The ground rent is £50 yearly. The lease ends on 21st October 2091
With just 72 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
I own a leasehold flat in Hillsborough. Conveyancing was finalised in 2009. I have read on a number of advice forums that I should not allow the lease length get too short. What is the reasoning?
Hillsborough domestic long term leases are for a fixed period - often just under one hundred years when they commenced. However a significant appartments in Hillsborough were constructed or converted 25 or more years ago and so such leases now have under eighty years remaining. That may seem like plenty of time however Banks, Building Societies and other mortgage lenders on the whole need leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To increase the marketability of your property you should be thinking about whether to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease hits eighty years as when the lease is less than 80 years the premium to be paid to extend starts to increase.