What can a local search inform me regarding the property I am purchasing in Northfield?
Northfield conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Searchflow The local search plays a central part in many a Northfield conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search will reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
What does commercial conveyancing in Northfield cover?
Northfield conveyancing for business premises incorporates a broad range of advice, given by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases 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 leases.
I need to retain a conveyancing solicitor for purchase conveyancing in Northfield. I've chance upon a web site which looks to be the perfect answer If it is possible to get all the legals done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a couple of apartments in Northfield which have about forty five years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Northfield is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. 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 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 Northfield 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 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.
I bought a studio flat in Northfield, conveyancing formalities finalised September 2009. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Northfield with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2091
You have 70 years remaining on your lease the likely cost is going to be between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to 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.
Me and my partner are soon to complete on the purchase a property in Northfield but as a consequence of wreckage from the recent storms I have agreed reparation from the owner of £3k by way of a deduction in the price. This was going to be dealt with as part of the conveyancing process yet my mortgage company will not agree to this. Why were they informed?
The property lawyer listed on a bank conveyancing panel is duty bound to advise the bank of any changes to the purchase figure. If you prohibit your conveyancer to disclose the price change to your bank then they would need to disinstructing themselves from acting for you and the lender.