Completed the sale of my flat in Sneyd Green last December but the buyer keeps whats apping daily to moan that her lawyer needs to hear from mylawyer. What are the post completion sale formalities now that I have sold?
Following your house sale your conveyancer should deliver the transfer documentation and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer must also confirm that the mortgage has been redeemed to the buyers conveyancers. There is unlikely to be post completion requirements unique to conveyancing in Sneyd Green.
The estate agent has sent us the confirmation of our purchase of a new build flat in Sneyd Green. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Sneyd Green
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Am I better off to appoint a Sneyd Green conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can execute the legal formalities but her office is approximately 350miles away.
The primary upside of using a local Sneyd Green conveyancing practice is that you can pop in to execute paperwork, present your ID and pester them where appropriate. They will also have local insight which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and they were impressed that must trump using an unfamiliar Sneyd Green conveyancing lawyer solely due to them being Sneyd Green based.
I am looking at a couple of maisonettes in Sneyd Green both have about forty five years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Sneyd Green is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with under 75 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 property 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 a property 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 Sneyd Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 invested in buying a 1st floor flat in Sneyd Green, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Sneyd Green with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2086
With 67 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Sneyd Green. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Sneyd Green are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Sneyd Green in which case you should be shopping around for a Sneyd Green conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.