My friend's sister is a property lawyer. I suspect that I will receive mate’s rates for conveyancing, However if that does not come through, what level of fees should I be expecting for conveyancing in Buckingham?
You should compare pricing. Do use our search tool on this page. Whilst charges may contrast greatly but the service one can expect are distinct between property lawyers as is true with most professions.
I am currently in the process of buying my council flat in Buckingham. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
My offer was accepted on a property in Buckingham on 13/7/2021, valuation was booked 2 days later, received a clean bill of health. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Co-operative and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Co-operative conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Bank of Ireland have agreed my home loan in principle, my offer on a house in Buckingham has been accepted, what happens next?
The estate agent will need to know who your solicitors are (be sure the lawyers are on the lender’s approved list). Telephone Bank of Ireland or your broker and finalise any appropriate documentation. Bank of Ireland will appoint a valuer who will get in contact with the selling agent or seller to arrange a time for the valuation to occur. Once carried out (assuming no problems) it takes approximately ten days to get a mortgage offer. Bank of Ireland will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Buckingham.
My relative suggested that if I am purchasing in Buckingham I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Buckingham conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Buckingham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information regarding Buckingham.
I purchased a 4 bedroom Georgian house in Buckingham. Conveyancing practitioner represented me and TSB. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the matching address. Is it worth asking TSB to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Buckingham and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing lawyer who completed the work.
About to purchase a new build flat in Buckingham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Buckingham
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I am attracted to a couple of flats in Buckingham both have approximately 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Buckingham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under eighty 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 Buckingham 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.
Buckingham Conveyancing for Leasehold Flats - A selection of Queries before buying
Are any of leasehold owners in dispute over their service charge payments? Its a good idea to discover as much as possible about the company managing the building as they can either make your life much easier or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily issues such as the cleanliness of the communal areas. Enquire of other people whether they are happy with their service. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds.