Why do I have to pay up front when it comes to conveyancing in Sawston?
Where you are retaining lawyers for conveyancing in Sawston your lawyer will ask you put them with funds to cover the search fees. Normally this is called for to cover the fees of the conveyancing searches. When the deposit is payable against the purchase price then this should be needed immediately ahead of exchange of contracts. The closing balance that is needed should be transferred shortly before completion.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Sawston I like with amenity areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Sawston suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My husband and I are FTB’s - had an offer accepted, yet the property agent informed us that the owners will only move forward if we use their chosen conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a family solicitor who is familiar with conveyancing in Sawston
It is unlikely the vendors are behind this. Should the seller desire ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Sawston conveyancing firm - not the ones that will earn the estate agent a commission or hit his conveyancing figures pre-set by corporate headquarters.
Estate agents have just been given the go-ahead to market my garden flat in Sawston. Conveyancing has not commenced, but I have recently had a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as normal given that all ground rent and service payments should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a basement flat in Sawston, conveyancing formalities finalised January 2010. Can you work out an approximate cost of a lease extension? Similar properties in Sawston with an extended lease are worth £216,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2093
With 69 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My mother and father are unable to locate their Sawston property on the HMLR site. They have a vague memory back in the 70’s when they acquired the property there were complications with the address not being recognised in some systems.
Nearly all premises in Sawston should show up. Have you limited your search with just the postcode. Normally it will reveal all the houses and flats inside the postcode. Where registered it will be there with a title number. If they bought back in the 60’s it's conceivable it may be unrecorded. The address could still be revealed but with the title number identified as 'na'. In this scenario you will need to find the original title documentation which may be with your parent’s lender.