Do the conveyancing solicitors that you recommend execute conveyancing in Nottingham by way of an attended exchange?
There are a few conveyancing specialists who can conduct attended exchanges. Please contact us to secure a conveyancing quote and details as to availability.
Why do I have to pay up front for my conveyancing in Nottingham?
Where you are retaining lawyers for conveyancing in Nottingham your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this should be required immediately before exchange of contracts. Any further balance that is needed will be payable shortly before completion.
About to place a bid on a leasehold apartment in Nottingham. The selling agents assure me that it is normal for flats in Nottingham to have less than 75 years left on the lease. I am getting a loan with Tesco Bank. Is this going to be a problem if the lease has 72 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/12/2018 the requirements read as follows :
For new build properties, the following lease terms are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
If the lease cannot be amended to comply with the above, the case cannot proceed. Please advise us immediately where the case cannot proceed.
Contact point as detailed in 1.11b.
Am I right to be suspicious by estate agents that I am dealing with are recommending a factory type conveyancing firm rather than a High Street Nottingham conveyancing practice?
As with many service providers, often input from connections can be very helpful. But there are numerous players in a conveyancing deal; estate agents, financial adviser and banks might all put forward lawyers to instruct. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the discretion to select your preferred lawyer. Don't forget that some lenders operate an approved list of law firms you have to use for the lender related work in your transaction.
I am in need of some leasehold conveyancing in Nottingham. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Nottingham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a ground floor flat in Nottingham, conveyancing having been completed April 2007. How much will my lease extension cost? Comparable flats in Nottingham with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2081
With just 63 years remaining on your lease we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.