The property market in Silsoe is hotting up. What can I do to expedite matters?
Where the seller is applying a tight deadline to exchange we would recommend that your solicitor is familiar with the area as they will benefit local contacts and knowledge. It is even conceivable that they would have transacted otherproperties in the same neighbourhood. Therefore consider using a Silsoe conveyancing lawyer. Second, double check that the lawyer is on the lender panel. It is said that just under twenty per cent of Silsoe conveyancing deals are delayed or derailed after finding out that a buyer’s conveyancer was not on their mortgage lender’s panel. This can often result in the transaction being held up by an average of three weeks. It is understood that this issue impacts in the region of 100,000 home moves annually. Almost all Silsoe conveyancing practices can not act for certain banks so do check at the outset.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Silsoe?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How does conveyancing in Silsoe differ for new build properties?
Most buyers of new build property in Silsoe come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Silsoe usually 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 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 Silsoe or who has acted in the same development.
Can you offer any advice when it comes to appointing a Silsoe conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Silsoe conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Silsoe conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
How experienced is the firm with lease extension legislation? How many lease extensions have they conducted in Silsoe in the last twenty four months?
I am the registered owner of a 1st floor flat in Silsoe, conveyancing having been completed July 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Silsoe with over 90 years remaining are worth £176,000. The ground rent is £50 yearly. The lease ends on 21st October 2101
With just 80 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
I would be grateful if you could explain what my options are if my Silsoe conveyancing searches reveals negative entries?
On the whole, most concerns arising from Silsoe conveyancing search results can be addressed ahead of completion or title insurance may be put in place. It is important to note that even though you are purchasing the premises and may be content to accept the search results, your lender may not, and ultimately the decision rests with them.