Will commercial conveyancing searches disclose planned roadworks that may affect a commercial site in Peacehaven?
Many commercial conveyancing solicitors in Peacehaven will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Peacehaven. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Peacehaven.
For every commercial conveyancing transaction in Peacehaven it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to Peacehaven commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Peacehaven.
How does conveyancing in Peacehaven differ for new build properties?
Most buyers of new build property in Peacehaven approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Peacehaven typically acquire the real estate, 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 conveyancers 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 used to new build conveyancing in Peacehaven or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Peacehaven I like with amenity areas and transport links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Peacehaven in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities 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 consult your conveyancing lawyer regarding this.
I've recently bought a leasehold property in Peacehaven. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Peacehaven Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
Who are the managing agents? Please inform me if there are any major works in the near future that could increase the service fees? How long is the Lease?
What is the reason for new build conveyancing in Peacehaven being more expensive?
Buying a new build property is completely distinct from the standard house purchase conveyancing in Peacehaven. Firstly developers ordinarily need contracts to exchange within a tight deadline, so there is a lot of pressure on your property lawyer to make sure everything is in order. Furthermore new build conveyancing often involve the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage company obligations are also more detailed. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.