Will commercial conveyancing searches disclose impending roadworks that could affect a commercial property in Sparkhill?
Its becoming the norm that commercial conveyancing solicitors in Sparkhill will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Sparkhill. 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 Sparkhill.
For each commercial conveyancing transaction in Sparkhill it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Sparkhill commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Sparkhill.
I own a semi-detached Georgian property in Sparkhill. Conveyancing solicitor represented me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sparkhill and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Sparkhill differ for new build properties?
Most buyers of new build premises in Sparkhill approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Sparkhill usually buy the site, 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 conveyancing solicitors 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 Sparkhill or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Sparkhill is where the house is located. Can you shed any light on this issue?
Flying freeholds in Sparkhill are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sparkhill you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sparkhill may decide 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 residence.
Can you provide any advice for leasehold conveyancing in Sparkhill with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Sparkhill can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers’ solicitors. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than ongoing. If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Organising a replacement share certificate can be a time consuming process and frustrates many a Sparkhill home move. If a new share is needed, you should approach the company officers or managing agents (if applicable) for this as soon as possible. You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I inherited a basement flat in Sparkhill, conveyancing formalities finalised September 2002. Can you work out an approximate cost of a lease extension? Comparable properties in Sparkhill with over 90 years remaining are worth £186,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2071
With only 52 years unexpired the likely cost is going to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.