It has come to my attention via my estate agent that my Chesterton property lawyer is not on the bank Solicitor panel. How can I be sure if this is correct?
The first thing you need to do is to contact your Chesterton conveyancer. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they may recommend you to a Chesterton conveyancing firm that is on the conveyancing panel for your mortgage company.
We are acquiring a newly constructed duplex in Chesterton and my solicitor is telling me that she has to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you explain why leasehold purchase conveyancing in Chesterton costs more?
Chesterton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My friend advised me that if I am buying in Chesterton I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Chesterton conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Chesterton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Chesterton Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Chesterton.
Are there restrictive covenants that are commonly picked up during conveyancing in Chesterton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Chesterton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Chesterton. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Chesterton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Chesterton so you should seriously consider looking for a Chesterton conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.
I am the registered owner of a 2 bed flat in Chesterton, conveyancing having been completed February 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Chesterton with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2105
You have 80 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.