Various internet forums that I have frequented warn that are the primary cause of stalling in Bow Street house deals. Is this right?

The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Bow Street.

How does conveyancing in Bow Street differ for new build properties?

Most buyers of new build or newly converted property in Bow Street come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Bow Street usually purchase 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 used to new build conveyancing in Bow Street or who has acted in the same development.

I'm remortgaging my primary property to a buy to let loan with Coventry Building Society and intend to use the remaining equity as a deposit on further property. The location we are interested in is Bow Street. Will your lawyers be able to act for the two mortgage companies and link together the two deals?

Do use our comparison tool on this page to ensure that the conveyancers are on the appropriate lender panels. Having checked that they are the lawyer should be able to tie up the two conveyancing matters but you should have a chat with you lawyer and communicate your desired outcome and needs.

In my capacity as executor for the estate of my aunt I am disposing of a residence in Monmouth but reside in Bow Street. My solicitor (based 260 kilometers from merequires that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in Bow Street to witness and place their company stamp on the document?

strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are located in Bow Street

I am tempted by the attractive purchase price for a two flats in Bow Street which have in the region of forty five years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Bow Street is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. 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 Bow Street 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 any new 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.

Bow Street Leasehold Conveyancing - Sample of Questions you should ask before buying

It is important to be aware if window replacement or some other major work is due shortly to be shared amongst the tenants and will materially increase the the maintenance fees or require a one off invoice. How long is the Lease? Make sure you find out if there are any onerous prohibitions in the lease. By way of example it is reasonably common in Bow Street leases that pets are not permitted in in a block in Bow Street. If you like the flatin Bow Street however your cat is not allowed to live with you then you have a very difficult choice.