At long last a loan offer from Nationwide for the refinancing of my single room maisonette is to be issued by the end of next week. Could you propose a low cost conveyancing practitioner in Stockbridge?
You are on the wrong site if you are in need of the cheapest conveyancing solicitors in Stockbridge. Our aim is to provide excellent value conveyancing but we do not work with the cheapest lawyers. Avoid the trap of appointing companies offering the bait of £99 conveyancing in Stockbridge. At best, in choosing a lawyer for low cost conveyancing, you will receive what you pay for and at worst it will result in you with a hefty uplift in extras and still not get the service required.
My Solicitor in Stockbridge is not listed on the The Royal Bank of Scotland Conveyancing Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the The Royal Bank of Scotland approved list?
The limited options open to you here include:
- Carry on with your existing Stockbridge lawyers but The Royal Bank of Scotland will need to instruct a conveyancer on their list of acceptable firms. This will result in additional overall legal charges and result in delays.
- Get an alternative practitioner to act in the conveyancing, remembering to check they are on the The Royal Bank of Scotland panel
The estate agent has sent us the confirmation of our purchase of a new build apartment in Stockbridge. Conveyancing is necessary evil 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 legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Stockbridge
Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared.
I opted to have a survey carried out on a property in Stockbridge ahead of instructing conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some banks may refuse to grant a mortgage on such a home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stockbridge. Conveyancing will be smoother if you use a solicitor in Stockbridge especially if they are acquainted with such properties in Stockbridge.
I am attracted to a two maisonettes in Stockbridge which have in the region of 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Stockbridge is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 residence 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 Stockbridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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.
Leasehold Conveyancing in Stockbridge - Examples of Questions you should consider Prior to Purchasing
How much is the ground rent and service charge? It would be sensible to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the cleanliness of the common parts. Don't be afraid to ask prospective neighbours whether they are happy with them. On a final note, find out the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. It is important to be aware whether window replacement or some other significant cost is anticipated to be shared by the tenants and could well materially increase the the maintenance fees or require a specific invoice.