How does conveyancing in March differ for new build properties?
Most buyers of new build premises in March come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because builders in March 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 March or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in March before appointing conveyancers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders will refuse to give a loan on such a home.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in March. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in March to see if the conveyancing costs will increase in light of this.
I am downsizing from my home. My past solicitors has retired. I am in need of a recommendation of a conveyancing firm. I happen to live in March if that affects matters.
Please use our search tool to help you find a solicitor for your conveyancing in March. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
I am employed by a long established estate agent office in March where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local March conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 bought a 1st floor flat in March, conveyancing formalities finalised in 2010. How much will my lease extension cost? Similar properties in March with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2077
You have 53 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Why do I have to supply my property lawyer with various items of identification before they can proceed with my conveyancing in March?
March conveyancers are required by the Law Society, SRA, HMLR and current AML legislation to certify that the have checked the identity of their clients. It will also be a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, national insurance number and DOB.