Having sold my house in Romsey last September yet the purchaser is texting daily to say her conveyancer is waiting to hear from mysolicitor. What should have happened now that I have sold?

Post completion of your disposal your solicitor should deliver the transfer deeds and all supplemental paperwork to the buyer’s conveyancer. If applicable, your conveyancer must also confirm that the home loan has been paid off to the purchasers lawyers. There is unlikely to be post completion steps peculiar conveyancing in Romsey.

I need some fast conveyancing in Romsey as I am under an ultimatum to sign on the dotted line within 4 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save money and time?

If.Given you are not obtaining a home loan you are at liberty not to do searches although no law firm would recommend that you don't. With plenty of history conveyancing in Romsey the following are instances of what can be revealed and therefore affect future saleability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...

I need to find a conveyancing solicitor for some conveyancing in Romsey. I happened to land on a site which appears to be the ideal answer If it is possible to get all the legals completed via phone that would be preferable. Should I be wary? What are the potential pitfalls?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am tempted by the attractive purchase price for a couple of apartments in Romsey both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Romsey is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Romsey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Romsey Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

Is there a share of the freehold? Best to be warned whether a new roof is being put on or some other major work is due shortly that will be shared amongst the leaseholders and will dramatically increase the the service charges or require a specific payment.

I own a leasehold flat in Romsey. Conveyancing was completed in 2009. I have heard that I should not let the lease length fall too low. What is the reasoning?

Romsey leasehold properties are for a set term - normally ninety nine years when they started. However a significant flats in Romsey were constructed or converted in the 70’s80’s and so such leases now have less than 80 years remaining. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions tend to require leases to have a minimum of seventy five years remaining to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching 75 years. To enhance the marketability of your property you should be thinking about whether or not to extend your lease long before you come to sell it. You should note that there are strong financial reasons to doing so before the lease hits 80 years as when the lease is less than 80 years the amount to be paid to extend starts to increase.