I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. West Sussex is the location of the property. What do you suggest?
Flying freeholds in West Sussex are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West Sussex you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Sussex 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 was recommended by a number of property agents in West Sussex to choose a solicitor on your site. Is there a financial inducement for Estate Agents to market your lawyers rather than another?
We refuse to make any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My cousin has suggested that I appoint his lawyers for conveyancing in West Sussex. Should I find my own conveyancer?
Much as we are happy to recommend a West Sussex conveyancing lawyer the best way to find a conveyancing practitioner is to have recommendations from friends or family who have experience in using the conveyancer that you are considering.
I work for a reputable estate agency in West Sussex where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local West Sussex conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
I own a garden flat in West Sussex, conveyancing was carried out in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in West Sussex with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2092
With only 69 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I have just had an offer accepted on a leasehold flat in West Sussex and the broker that we are using recommended his solicitor. They quoted a thousand pounds excluding VAT and 3rd party costs. Does this sound steep?
You should not rely on one estimate. One should seek like-for-like quotes for your conveyancing in West Sussex. Then choose one that you are comfortable with and crucially, is on the approved panel of the lender that you have applied for a mortgage from.