Me and my partner are soon to complete on the purchase of a property in Broadclyst but as a result of wreckage from some water damage at the property I have was able negotiate compensation from the vendor in the sum of £2k by way of a deduction in the price. I had intended this to be addressed as part of the conveyancing process however Leeds Building Society will not agree to this. Why were they informed?
The conveyancing practitioner being on the Leeds Building Society approved list is required to inform Leeds Building Society of any variations to the purchase price. If you were to refuse your lawyer to notify the reduction to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancing practitioner for your conveyancing in Broadclyst.
We are getting a further advance on our home loan from Barclays as we want to carry out alterations to our property in Broadclyst. Do we need to appoint a local Broadclyst solicitor on the Barclays conveyancing panel to deal with the legals?
Barclays would not normally require firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays conveyancing panel.
My husband and I are in the process of viewing houses in Broadclyst and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Skipton.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are seeking a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
My offer on a house in Broadclyst has been accepted, but there is a chain. The vendors have placed an offer on a property, but it’s not yet tied up, and have viewings of other flats booked. I have instructed a bricks and mortar conveyancing solicitor in Broadclyst. What should be my next step? At what point do I apply for the mortgage with Lloyds?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then valuation, Broadclyst conveyancing search fees, etc). First, you should check that your conveyancer is on the Lloyds conveyancing panel. As to the next phase this very much dictated by the specifics of your case, attraction to this property and on the state of the market. During a hot market the majority of home buyers will apply for a home loan with Lloyds and arrange for the valuation and only if it was satisfactory would they request their lawyer to press on with the conveyancing in Broadclyst.
Just bought a terraced house in Broadclyst , What is the estimated time for the Land Registry to deal with the formalities evidencing my title? My Broadclyst conveyancing solicitor has been very slow, so I want to be certain the land registry aspects are dealt with.
There is nothing unique about conveyancing in Broadclyst registration formalities. As opposed to being determined by geographic area, timeframes can adjust depending on who lodges the application, whether it is in order and if the Land registry communicate with any 3rd parties. Currently in the region of 80% of submission are fully addressed in less than three weeks but some can be subject to extensive delays. Historically registration is effected after the purchaser is living at the premises therefore an expedited registration is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Broadclyst I like with a park and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Broadclyst for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
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I work for a long established estate agency in Broadclyst where we see a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Broadclyst conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Broadclyst Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
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How much is the service charge and ground rent on the property? How long is the Lease? The prefered form of lease arrangement is a share of the freehold. In this scenario the lessees have being in charge if their destiny and notwithstanding that a managing agent is frequently employed if it is larger than a house conversion, the managing agent is directed by the tenants.