It may have been a long time coming a loan agreement from Nationwide for the refinancing of my 4 bedroom flat is coming imminently. Could you recommend a low cost conveyancing practitioner in Burwell?
This site is not designed to assist those in pursuit of the cheapest conveyancing solicitors in Burwell. Our aim is to provide excellent value conveyancing but we do not aim to work with the cheapest lawyers. Resist the temptation to appoint organisations offering the bait of low cost conveyancing in Burwell. At best, in deciding on cheap conveyancing, you will earn what you pay for and at worst you will end up spending a lot in extras and still not receive the service required.
We're in Burwell, FTBs purchasing with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I own a semi-detached Victorian house in Burwell. Conveyancing lawyer represented me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register as there may be 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 Burwell and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing solicitor who conducted the work.
I'm buying a new build house in Burwell with a mortgage from Bank of Scotland. The builders would not budge the price so I negotiated 6k of extras instead. The estate agent suggested that I not reveal to my lawyer about the side-deal as it may jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am a negotiator for a long established estate agency in Burwell where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Burwell conveyancing firms. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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 purchaser.
I own a garden flat in Burwell, conveyancing formalities finalised in 2001. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Burwell with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2079
With just 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
We are soon to complete on the purchase a property in Burwell but as a result of damage from the recent storms I have agreed reparation from the vendor of £3k taking the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process however my mortgage company will not permit this. Should they have been involved?
The conveyancer being on a mortgage company approved list is duty bound to disclose to the lender of any variations to the sale amount. In the event that you prohibit your property lawyer to report the price change to your mortgage company then they would need to discontinue acting for you and the bank.