I am acquiring a flat in Buckden. My Solicitor is not on the lender conveyancing list. Am I still permitted to appoint my Buckden conveyancing solicitor even though they are excluded from the bank approved list?
One will need to have a conveyancer to complete the legal work required if you need a mortgage to buy your property. They will conduct all the essential legal checks on the property, make sure that you’re registered as proprietor and ensure that all the necessary mortgage paperwork is in order. You can select a Buckden solicitor of your choice. However, if the conveyancer selected is not a member of the mortgage company conveyancing panel additional charges will be levied as separate legal representation will be required by them. Conveyancing panel applications can be submitted, so if your solicitor has not historically sought membership they can do so.
Me and my partner are soon to exchange on the purchase of a property in Buckden but as a result of damage from some water damage at the property I have managed to agree reparation from the seller in the sum of £2k by way of a adjustment in the price. This was going to be dealt with as part of amending the contract but RBS are not allowing this. Why were they notified?
The lawyer that is on the RBS approved list is required to inform RBS of any amendments to the purchase price. If you prohibit your conveyancer to disclose the price change to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new solicitor for your conveyancing in Buckden.
We are looking to buy a house and require a conveyancing solicitor in Buckden who is on the Virgin Money solicitor panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Virgin Money . We don't recommend any particular firms conducting conveyancing in Buckden.
I have todaydiscovered that Action Conveyancing have been shut down. They conducted my conveyancing in Buckden for a purchase of a freehold house 18 months ago. How can I establish that my home is registered correctly in the name of the previous owner?
The quickest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Buckden conveyancing specialists.
I am looking for a ground for flat up to £195,000 and found one round the corner in Buckden I like with a park and transport links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Buckden in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I am employed by a long established estate agent office in Buckden where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Buckden conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. 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 agree the lease extension with the freeholder 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.
Buckden Leasehold Conveyancing - Examples of Questions you should ask before buying
-
Be sure to find out if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in certain buildings in Buckden. If you love the propertyin Buckden yet your cat is not allowed to live with you then you have a very difficult decision. Please note if it is less than eighty years it will impact the marketability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the premises for 24 months in order to be legally able to extend the lease. Generally speaking the cost for major works tend not to be included within service charges, although some managing agents in Buckden require tenants to pay into a sinking fund and this is used to offset against major works.