I chose a high street lawyer for our conveyancing in Waterloo yesterday. Upon checking the Terms and Conditions I seeI am liable for charges even if the dealdoes not proceed. Should I ditch them and select a web based lawyer offering no completion no charge conveyancing in Waterloo?
It is usually ‘give and take’ in that if "No Completion No Fee" is advertised then the fee levels will tend to be be more expensive to offset those transactions that do not go ahead. Please beware that such deals tend not to protect you from outlay such as Waterloo conveyancing search costs.
Are the Waterloo conveyancing solicitors identified as being on the Nottingham conveyancing panel, together with their details provided by Nottingham?
Waterloo conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Waterloo is where the house is located. Is there any advice you can impart?
Flying freeholds in Waterloo are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Waterloo you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waterloo may decide 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.
Is it best to appoint a Waterloo conveyancing lawyer who is local to the property I am buying? We have a good friend who can conduct the conveyancing but his firm is located a couple of hundredkilometers drive away.
The benefit of a local Waterloo conveyancing practice is that you can attend the office to execute paperwork, hand in your ID and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were impressed that should outweigh using an unfamiliar Waterloo conveyancing lawyer just because they are round the corner.
I am looking at a two apartments in Waterloo both have about 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Waterloo is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under 75 years become less and less attractive. 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 Waterloo 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 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 own a split level flat in Waterloo, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Waterloo with an extended lease are worth £192,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2072
You have 54 years remaining on your lease we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.