My wife and I are due to exchange on the purchase of a property in Burnham but as a consequence of damage from the recent storms I have managed to agree compensation from the seller in the sum of £3k by way of a reduction in the price. I had intended this to be dealt with as part of a side agreement but HSBC will not agree to this. Why were they notified?
Your property lawyer that is on the HSBC conveyancing panel is duty bound to inform HSBC of any amendments to the purchase price. If you were to refuse your lawyer to report the price change to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new lawyer for your conveyancing in Burnham.
Various internet forums that I have visited warn that are the main cause of obstruction in Burnham house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Burnham.
How does conveyancing in Burnham differ for newly converted properties?
Most buyers of new build premises in Burnham come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Burnham usually purchase 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 conveyancing solicitors 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 Burnham or who has acted in the same development.
I am looking for a flat up to £195,000 and found one close by in Burnham I like with a park and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in Burnham in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I own a leasehold house in Burnham. Conveyancing and Nottingham Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Burnham who previously acted has now retired. Do I pay?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Burnham conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Burnham Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
The answer will be important as a) areas can cause problems for the block as the communal areas may begin to deteriorate if services are not paid for b) if the leasehold owners have a dispute with the running of the building you will need to have all the details How much is the ground rent and service charge? The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the tenants benefit from control and even though a managing agent is often retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
I cannot get to my Burnham conveyancing practitioners office to sign documents connected to my conveyancing in Burnham – is this a problem?
Not a problem. Burnham conveyancing solicitors can deal with conveyancing transactions for clients who are based anywhere. It is not necessary for you to be able to attend a Burnham conveyancers office. Almost all solicitor can handle all communications via phone, post and email - whatever works for you.