About to purchase a new build apartment in South Lambeth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in South Lambeth
-
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. South Lambeth is where the house is located. Is there any guidance you can give?
Flying freeholds in South Lambeth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in South Lambeth you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Lambeth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Taking into account that I am about to spend hundreds of thousands of pounds on a garden flat in South Lambeth I would like to have a conversation with the lawyer about mytransaction prior to appointing the firm. Can this be arranged?
Absolutely - we would be pleased to talk to you we do not take any clients on without you liaising with the solicitor who will be carrying out your property ownership legalities in South Lambeth.There is no ‘factory style conveyancing’ - every client is an important person, not a matter reference. The law firms that we put you in touch with believe that the fees you are quoted for residential conveyancing in South Lambeth should be the figure that you end up paying.
My husband and I are first time buyers - agreed a price, but the selling agent has warned us that the owners will only go ahead if we instruct the agent's chosen conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a high street conveyancer with experience of conveyancing in South Lambeth
It is improbable the sellers are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a serious purchaser is counter productive. Speak to the vendors direct and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you will continue to use your preferred South Lambeth conveyancing lawyers - not the ones that will earn the estate agent a introducer fee or hit his conveyancing thresholds pre-set by senior management.
I've recently bought a leasehold property in South Lambeth. Do I have any liability for service charges for periods before my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
I acquired a ground floor flat in South Lambeth, conveyancing formalities finalised in 2012. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in South Lambeth with over 90 years remaining are worth £175,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2084
With only 58 years remaining on your lease the likely cost is going to be between £22,800 and £26,400 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 a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.