I am buying a new build flat in The Meadows. How practical is it for me to do the conveyancing?

Leaving aside the complexities and merits of DIY conveyancing in The Meadows you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in The Meadows.

Despite weeks of looking the Title Certificate and documents to my home are lost. The solicitors who dealt with the conveyancing in The Meadows 4 years ago are no longer around. Will I be able to sell the house?

You no longer need to have the physical official documentation to prove you are the registered proprietor of land or property, given that the Land Registry hold details of all registered land or property electronically.

How does conveyancing in The Meadows differ for new build properties?

Most buyers of new build residence in The Meadows come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in The Meadows typically buy the land, 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 accustomed to new build conveyancing in The Meadows or who has acted in the same development.

I am attracted to a couple of flats in The Meadows which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in The Meadows is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, leases with less than 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 property 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 The Meadows 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

The Meadows Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

What is the name of the managing agents? The majority of The Meadows leasehold apartments will have a service charge for the upkeep of the building levied by the freeholder. Should you purchase the apartment you will have to pay this charge, usually periodically throughout the year. This could be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all likelihood there will be a ground rent to be met annual, normally this is not a exorbitant amount, say around £50-£100 but you need to check it because sometimes it can be surprisingly expensive. Where a The Meadows lease has less than 80 years it will have adverse implications on the salability of the flat. Check with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth finding out what this would cost. For most The Meadowslease extensions you would be be obliged to have been the owner of the property for two years in order to be eligible to exercise a lease extension.

Why can I not complete our conveyancing in The Meadows on Good Friday?

This is due to the fact that on completion the sale price will pass between the banks of the purchaser and seller's conveyancing practitioner and currently this can only occur on a business day. So you can't complete on a weekend either.