Me and my fiancee are acquiring our first house. Our lawyer has contact usto see if we wish to take out supplemental conveyancing searches. Frankly we in the dark as to what's needed for conveyancing in Chandlers Ford
The number and type of Chandlers Ford conveyancing searches should be triggered based primarily on the property, the location, the likelihood of any of these risks, your knowledge of the region and risks, your general appetite to risk. What is important is that you adequately understand what information the searches could give you. Then you can decide if you personally think you need that information. If unsure, ask your solicitor to advise.
Are the BSA planning on creating a searchable register to list firms on the Melton Mowbray Building Society conveyancing panel for example in Chandlers Ford?
We have not been informed any plans on the part of the BSA to promote such a search facility.
How does conveyancing in Chandlers Ford differ for newly converted properties?
Most buyers of new build premises in Chandlers Ford come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Chandlers Ford usually 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 accustomed to new build conveyancing in Chandlers Ford or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Chandlers Ford I like with a park and station in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Chandlers Ford suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can 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 with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I have recently realised that I have 68 years left on my lease in Chandlers Ford. I am keen to get lease extension but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the landlord. For most situations an enquiry agent should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Chandlers Ford.
I invested in buying a ground floor flat in Chandlers Ford, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar flats in Chandlers Ford with an extended lease are worth £185,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2085
You have 60 years left to run the likely cost is going to range between £20,000 and £23,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.