We are about to complete on the purchase of a house in Cirencester but as a result of damage from the recent storms I have managed to agree compensation from the seller of three thousand pounds by way of a deduction in the price. This was going to be addressed as part of the conveyancing process but Principality will not permit this. Should they have been involved?
The property lawyer that is on the Principality approved list is duty bound to disclose to Principality of any amendments to the purchase price. If you prohibit your property lawyer to disclose the price change to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new property lawyer for your conveyancing in Cirencester.
It is is a decade since I bought my home in Cirencester. Conveyancing lawyers have now been retained on the sale but I am unable to find the title deeds. Will this cause complications?
Don’t worry too much. Firstly the deeds may be with the lender or they could be in the possession of the conveyancers who acted in your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Cirencester involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
Please explain the implications if my lawyer’s firm is expelled from the Clydesdale Solicitor panel ahead of completing my conveyancing in Cirencester?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Should commercial conveyancing searches disclose planned roadworks that could affect a commercial land in Cirencester?
Many commercial conveyancing solicitors in Cirencester will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Cirencester. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cirencester.
For every commercial conveyancing transaction in Cirencester it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Cirencester commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Cirencester.
I decided to have a survey completed on a property in Cirencester before retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders will refuse to issue a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cirencester. Conveyancing will be smoother if you use a solicitor in Cirencester especially if they are acquainted with such properties in Cirencester.
I am a negotiator for a busy estate agent office in Cirencester where we have experienced a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Cirencester conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension process 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 kick-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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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.
I own a studio flat in Cirencester, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Cirencester with an extended lease are worth £190,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2086
With just 61 years remaining on your lease we estimate the premium for your lease extension to be between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.