Our lender has recommended a law firm on their panel based in Kidderminster but I would rather use a conveyancing lawyer in Kidderminster round the corner to me. Are you able to assist?
It is by no means the case that all Kidderminster conveyancing solicitors are listed all lender’s conveyancing panel. Use the above find an approved solicitor tool to choose a Kidderminster conveyancing conveyancer on the on the bank panel.
Are there restrictive covenants that are commonly identified as part of conveyancing in Kidderminster?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Kidderminster. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Kidderminster differ for new build properties?
Most buyers of new build residence in Kidderminster contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Kidderminster typically buy the land, 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 conveyancing solicitors 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 Kidderminster or who has acted in the same development.
What does commercial conveyancing in Kidderminster cover?
Non domestic conveyancing in Kidderminster incorporates a wide range of advice, given by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I am attracted to a couple of maisonettes in Kidderminster which have approximately fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Kidderminster is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a property 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 Kidderminster 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 bought a garden flat in Kidderminster, conveyancing formalities finalised December 2009. Can you work out an approximate cost of a lease extension? Equivalent properties in Kidderminster with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease expires on 21st October 2075
You have 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure 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 you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.