How does conveyancing in Euston differ for new build properties?
Most buyers of new build property in Euston approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Euston tend to acquire 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 conveyancers 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 Euston or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Euston I like with a park and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Euston in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
What does commercial conveyancing in Euston cover?
Non domestic conveyancing in Euston covers a wide array of guidance, given by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.