I have given 8 weeks notice to my existing landlord and have to be out of my let out flat in Cricklade by the end of next month. Conveyancing on my purchase is progressing. How realistic is it to complete in three weeks as don't want to have to find short term accommodation?
The normal practice is not to provide notice for your tenancy unless you have exchanged. If you have not previously done so, speak to your lawyer and ask them to they cajole the other side, try to get a realistic time scale from them that all parties will aim towards
In what way does my ID and proof of funds have anything to do with my conveyancing in Cricklade? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Cricklade conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are duty bound to ascertain not just the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
What happens if my solicitor is suspended from the Skipton Solicitor panel ahead of completing my conveyancing in Cricklade?
First, 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 at a cost.
Will my conveyancer be making enquiries concerning flooding as part of the conveyancing in Cricklade.
The risk of flooding is if increasing concern for lawyers dealing with homes in Cricklade. There are those who acquire a house in Cricklade, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a number of searches that can be undertaken by the buyer or by their conveyancers which can figure out the risks in Cricklade. The standard property information forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out whether the premises has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the vendor, then a buyer could bring a compensation claim as a result of such an inaccurate response. A buyer’s conveyancers may also commission an enviro report. This should higlight if there is any known flood risk. If so, further inquiries should be carried out.
I am buying a new build house in Cricklade with the aid of help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not disclose to my lawyer about the deal as it could impact my loan with the lender. 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 agent office in Cricklade where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Cricklade conveyancing solicitors. Please can you confirm whether the seller of a flat can commence 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 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 sale.
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.
I purchased a 1 bedroom flat in Cricklade, conveyancing having been completed 6 years ago. How much will my lease extension cost? Similar properties in Cricklade with an extended lease are worth £216,000. The ground rent is £50 per annum. The lease terminates on 21st October 2095
You have 70 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.