I have been told that property searches are the main reason for hinderance in Newall Green conveyancing transactions. Is this right?

The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Newall Green.

How does conveyancing in Newall Green differ for new build properties?

Most buyers of new build residence in Newall Green contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Newall Green usually purchase 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 property lawyers 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 Newall Green or who has acted in the same development.

Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Newall Green I like with a park and station in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Newall Green in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

If you require a mortgage that many years will 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 premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.

I have been advised by a number of selling agents in Newall Green to select a conveyancer on your site. What’s the financial incentive for Estate Agents to market your services over and above a competitor’s?

We don’t offer any referral fee for sending work our way. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.

I am a negotiator for a busy estate agent office in Newall Green where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Newall Green conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

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.

Leasehold Conveyancing in Newall Green - A selection of Questions you should ask Prior to Purchasing

It would be sensible to find out as much as you can concerning the company managing the block as they can either make your living at the property much easier or problematic. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day issues such as the upkeep of the communal areas. Enquire of prospective neighbours what they think of their service. In conclusion, investigate as to the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. Who manages the building? Be sure to enquire if the the lease contains any unreasonable restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Newall Green. If you like the propertyin Newall Green however your dog is not allowed to live with you then you will be faced difficult choice.