My fiance’s sister is a solicitor. I am hopeful that I will receive friends and family pricing for conveyancing, but if not, what kind of figure should I be paying for conveyancing in Victoria Dock?
It’s wise to look for multiple conveyancing estimates. Do use our comparison tool on this page. Whilst amounts do be different but service levels do differ between solicitors as is true with most professions.
Should commercial conveyancing searches reveal impending roadworks that could affect a commercial property in Victoria Dock?
Its becoming the norm that commercial conveyancing solicitors in Victoria Dock will perform 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 Victoria Dock. 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 Victoria Dock.
For each commercial conveyancing transaction in Victoria Dock it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to Victoria Dock commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Victoria Dock.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Victoria Dock I like with a park and transport links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Victoria Dock suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
What does commercial conveyancing in Victoria Dock cover?
Commercial conveyancing in Victoria Dock incorporates a broad range of guidance, given by regulated solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I work for a long established estate agency in Victoria Dock where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Victoria Dock conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I purchased a leasehold flat in Victoria Dock, conveyancing was carried out May 2007. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Victoria Dock with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2097
With just 76 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.