Finally the sale completed on my house in Southwick last March yet the purchaser is e-mailing me to say their conveyancer needs to hear from mine. What should my lawyer have done following completion?
Following your sale your conveyancer is obliged to send the transfer deeds and all supplemental paperwork to the purchaser's conveyancer. Depending on the transaction, your lawyer must also evidence that the mortgage has been repaid to the buyers conveyancers. There are no post completion tasks unique to conveyancing in Southwick.
How does conveyancing in Southwick differ for newly converted properties?
Most buyers of new build residence in Southwick contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Southwick usually purchase 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 property lawyers 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 used to new build conveyancing in Southwick or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Southwick I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Southwick suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the remaining unexpired lease term may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I inherited a basement flat in Southwick, conveyancing formalities finalised 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Southwick with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 50
With just 50 years remaining on your lease the likely cost is going to range between £36,100 and £41,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
What can I do where I am not happy with the who undertook our conveyancing in Southwick?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that occasionally things do go wrong. Nevertheless there is recourse if you were dissatisfied with your conveyancing in Southwick. This varies from trying to resolve matters directly with them, through to reporting a to their governing body. If you remain unhappy you may consider getting in touch with the Legal Ombudsman.