Am I correct in assuming that the fact that my conveyancer in Cockermouth is not on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Cockermouth conveyancing practice and ask them why they are no longer on the approved list for your lender.
I am about to exchange on the purchase of a house in Cockermouth but as a consequence of damage from some water damage at the property I have was able negotiate reparation from the seller in the sum of £2k by way of a deduction in the price. This was going to be dealt with as part of amending the contract but Barclays will not agree to this. Should they have been notified?
Your lawyer that is on a Barclays conveyancing panel is obliged to disclose to Barclays of any variations to the sale price. If you prohibit your conveyancing practitioner to notify the reduction to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new conveyancing practitioner for your conveyancing in Cockermouth.
My colleague suggested that where I am buying in Cockermouth I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Cockermouth conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Cockermouth 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 type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Cockermouth Education with maps and statistics, Local Amenities and other useful data regarding Cockermouth.
How does conveyancing in Cockermouth differ for newly converted properties?
Most buyers of new build or newly converted property in Cockermouth come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Cockermouth typically purchase the site, 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 conveyancers 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 Cockermouth or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Cockermouth I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Cockermouth suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am employed by a long established estate agency in Cockermouth where we see a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Cockermouth conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that 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. This means that the proposed purchaser can avoid having 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 simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Leasehold Conveyancing in Cockermouth - Sample of Questions you should consider Prior to Purchasing
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How long is the Lease? The best form of lease structure is a share of the freehold. In this arrangement the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently employed if it is bigger than a house conversion, the managing agent is directed by the tenants. If a Cockermouth lease has fewer than eighty years it will affect the marketability of the flat. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably need a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you would be required to have owned the residence for two years before you are legally able to exercise a lease extension.