Just had an offer accepted on a new build flat in Molesey. Conveyancing is necessary evil 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 legal work.

Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Molesey

Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. 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. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.

Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Molesey is where the house is located. Can you shed any light on this issue?

Flying freeholds in Molesey are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Molesey you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Molesey 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 property.

I was pointed in your direction by numerous estate agents in Molesey to choose a conveyancer on your site. Is there a financial inducement for Estate Agents to recommend your services over and above a competitor’s?

We refuse to make any referral fee for pointing buyers and sellers our way. We found it would be just too difficult a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.

Molesey Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

Please note that where the lease has fewer than 80 years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are happy with residual term of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Moleseylease extensions you would be be obliged to have been the owner of the premises for a couple of years before you are entitled to extend the lease. What prohibitions are there in the Molesey Lease?

I own a leasehold flat in Molesey. Conveyancing was finished in 2009. I have read on a number of consumer forums that I mustn’t let the lease length fall too short. Is this right?

Molesey leasehold properties are for a prescribed period - usually just under one hundred years when they are first granted. However many appartments in Molesey were built or converted 35 or more years ago and so such leases now have less than eighty years unexpired. This may seem like a long time however Banks, Building Societies and other mortgage companies on the whole require leases to have at least seventy five years unexpired to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To increase your property value you should be thinking about whether to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease reaches even eighty years as when the lease falls below 80 years the premium to be paid to extend starts to get a lot more expensive.