Do commercial conveyancing searches reveal impending roadworks that may affect a commercial site in Swavesey?

Many commercial conveyancing solicitors in Swavesey will conduct a SiteSolutions Highways report as it reduces the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Swavesey. 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 Swavesey.

For every commercial conveyancing transaction in Swavesey it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Swavesey commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Swavesey.

How does conveyancing in Swavesey differ for new build properties?

Most buyers of new build or newly converted property in Swavesey approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Swavesey usually purchase the land, 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 Swavesey or who has acted in the same development.

I have been advised by a number of selling agents in Swavesey to locate a solicitor using your seach tool. What’s the financial upside for Estate Agents to recommend your site over a competitor’s?

We don’t offer any commission for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.

My husband and I are FTB’s - had an offer accepted, yet the property agent told us that the seller will only issue a contract if we use their recommended solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a local solicitor with experience of conveyancing in Swavesey

We suspect that the owner is not behind this request. Should the owner want ‘a quick sale', turning down a genuine buyer is going to damage their objectives. Contact the sellers directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances arranged © you do not need to sell (d) you wish to move quickly (e)however you intend to appoint your preferred Swavesey conveyancing firm - not the ones that will give their estate agent a referral fee or achieve conveyancing figures demanded by head office.

I am attracted to a two flats in Swavesey both have approximately forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Swavesey is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Swavesey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

I bought a 2 bed flat in Swavesey, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Swavesey with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2077

With just 53 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 as well as professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide 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 issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.