In the event thatI was to purchase a freehold propertyin Swadlincote for cash and dispense with a survey and no conveyancing searches how much could I expect to to save on my conveyancing in Swadlincote?
Any savings you would make will be isolated to the Swadlincote conveyancing searches. The conveyancing practitioner still be obliged to do everything else - money laundering, correspond with the vendors solicitor, stamp duty submission, register the title etc. A slight saving might be made by not needing to register a charge however it won't be a lot.
Do I need to have a meeting at the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Swadlincote so that I can pop in to their offices if required.
Whereas this was necessary 12 years ago, the vast majority lenders no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to supply identification documents and there are still distinct advantages to choosing a local ayer, in your case a conveyancing solicitor in Swadlincote.
How does conveyancing in Swadlincote differ for newly converted properties?
Most buyers of new build residence in Swadlincote contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Swadlincote tend to acquire the real estate, 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 used to new build conveyancing in Swadlincote or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Swadlincote is the location of the property. Can you shed any light on this issue?
Flying freeholds in Swadlincote 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 Swadlincote you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Swadlincote may determine 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.
I work for a busy estate agency in Swadlincote where we see a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Swadlincote conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
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 own a leasehold flat in Swadlincote, conveyancing having been completed in 2003. How much will my lease extension cost? Comparable properties in Swadlincote with an extended lease are worth £186,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2071
With 53 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.