About to purchase a new build flat in Surrey. Conveyancing is necessary evil 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 is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Surrey
Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Hoping to buy a property located in Surrey and I am already nervous. I couldn't find anything specific about Surrey. Conveyancing will be needed in due course but do you know about the Surrey area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Surrey. In the meantime here are some basic statistics that we found
I need to retain a conveyancing solicitor for leasehold conveyancing in Surrey. I happened to chance upon a web site which seems to have the ideal answer If it is possible to get all the legals completed via web that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I work for a busy estate agent office in Surrey where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Surrey conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a basement flat in Surrey, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Surrey with an extended lease are worth £181,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2068
With 50 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Myself and my husband have recently had an offer accepted on a house and had an appointment on Wednesday with Leeds Building Society for the mortgage. They advised us that when it comes to choosing a property lawyer that if they are not on their approved panel of solicitors then we will have to pay out an additional charge of £200. This is because they will then have to instruct a solicitor to act for them in addition to the one we appoint on our behalf and we assume responsibility for their fees. I have requested Leeds Building Society to supply me with a list so I can request estimates only from their approved conveyancers but was told they dont have such a list to hand over. Is there a list online?
You should ask Leeds Building Society what their panel criteria is for a solicitor.Then ask the conveyancer of your choice whether they fit that criteria and have they acted on mortgages for Leeds Building Society in the past. Where the answer to those is yes, then just double check with Leeds Building Society. Alternatively please utilise our search tool and we should be able to identify a lawyer in Surrey on the approved list for Leeds Building Society.