Just had an offer accepted on a new build flat in Manningtree. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Manningtree
Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I opted to have a survey done on a property in Manningtree prior to appointing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders may not grant a mortgage on such a house.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Manningtree. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Manningtree to see if the conveyancing will be more expensive.
In my capacity as executor for the will of my grandfather I am disposing of a residence in Cardiff but I am based in Manningtree. My conveyancer (approximately 260 miles awayhas requested that I sign a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing solicitor in Manningtree who can witness this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are Manningtree based
I am attracted to a couple of maisonettes in Manningtree which have about 50 years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Manningtree is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers 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 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 Manningtree 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 the agreed 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.
Leasehold Conveyancing in Manningtree - Examples of Questions you should ask before Purchasing
The best form of lease structure is a share of the freehold. In this arrangement the lessees have being in charge if their destiny and notwithstanding that a managing agent is often employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Are any of leasehold owners in arrears of their service charge payments? Is anyone aware of any major works in the planning that will likely increase the service fees?
My wife and I have an offer in principle from Britannia who have advised we could borrow up to £350k. At what point do we need to appoint a lawyer for conveyancing? Manningtree is where we are .
You can appoint a property lawyer now so that the lawyer can open the file so they can do their AML checks etc. As and when you wish them to start work they will seek a deposit normally about £175. That would generally be after you have the mortgage offer and survey results, however should you wish to speed matters you can start sooner albeit risking some money.