Having sold my house in Hersham last August yet the purchaser is texting me complaining that their solicitor is waiting to hear from myconveyancer. What should my lawyer have done following completion?
After completion of your sale your solicitor is committed to deliver the transfer deeds and all of the paperwork to the purchaser's conveyancer. If applicable, your lawyer should also send confirmation that the legal charge in favour of the lender has been repaid to the purchasers lawyers. There are no post completion procedures unique to conveyancing in Hersham.
I am buying a new build flat in Hersham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Hersham
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There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I was advised by a few selling agents in Hersham to find a solicitor on your site. Is there a financial upside for Estate Agents to market your site ahead of another?
We refuse to offer any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I work for a reputable estate agency in Hersham where we see a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Hersham conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that 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. This means that the buyer 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 at the same time as completion of the disposal of the property.
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 purchaser.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Hersham conveyancing firm to help?
Absolutely. We can put you in touch with a Hersham conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Hersham premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.
I have just placed an offer on a leasehold flat in Hersham and the estate agent that we are using suggested his solicitor. They quoted £900 excluding VAT and 3rd party costs. Does this sound steep?
You should not rely on a single estimate. One should obtain like-for-like quotes for your conveyancing in Hersham. Then select one that you trust and crucially, is on the approved panel of the mortgage company that you have applied for a mortgage from.