Why do I have to pay up front for conveyancing in Faversham?
Where you are retaining lawyers for conveyancing in Faversham your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the total price then this should be asked for shortly in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer a few days prior to the completion date.
The deeds to my home are lost. The solicitors who conducted the conveyancing in Faversham 10 years ago are no longer around. What are my options?
As long as the title is registered the details of your ownership will be held by the Land Registry under a Title Number. It is possible to perform a search at the Land Registry, identify your property and order up to date copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will also normally hold a file copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
My partner has suggested that I use his lawyers for conveyancing in Faversham. Should I find my own conveyancer?
No doubt the best way to find a conveyancing solicitor is to seek guidance from friends or family who have actually experience in using the firm you're are thinking of instructing.
I work for a long established estate agency in Faversham where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Faversham conveyancing firms. Please can you clarify whether the seller of a flat can commence 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 commence 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 has to be done before, or simultaneously with completion of the sale.
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 invested in buying a 1 bedroom flat in Faversham, conveyancing formalities finalised in 2010. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Faversham with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2097
You have 72 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. 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 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.
I am buying a leasehold flat in Faversham. Conveyancing estimates are averaging around £two thousand. Is that reasonable?
The average fee in 2014 for conveyancing in Faversham was just over one thousand four hundred and fifty pounds excluding Stamp Duty and Land Registry fees.