My mortgage broker has requested my Daventry law firm’s panel member for the Nationwide conveyancing panel. Can you suggest how I find this out. I have contacted my local Daventry office but they cant find it on their system.
You are best placed to get this information from your Daventry conveyancer . They retain a central record lender panel numbers.
2 months have gone by following my purchase conveyancing in Daventry completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Daventry. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Daventry
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Daventry I like with open areas and station nearby, however it only has 49 years unexpired on the lease. There is not much else in Daventry suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan that many years will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Estate agents have just been given the go-ahead to market my ground floor apartment in Daventry. Conveyancing is yet to be initiated, but I have just received a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as usual as all rents and maintenance invoices should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a leasehold flat in Daventry, conveyancing formalities finalised February 1999. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Daventry with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2083
With only 58 years remaining on your lease the likely cost is going to be between £23,800 and £27,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
We have an offer in principle from Santander who suggested that they will lend up to £350k. At what point do I need to appoint a lawyer for conveyancing? Daventry is where we plan to move to.
You can instruct a conveyancing practitioner now so that the property lawyer can open the ledger so they can commence their AML checks etc. Once you wish them to start work they will seek a payment on account usually approximately £225. That should normally be once you have the loan offer from your bank and survey report, but if you want to expedite matters you can start the ball rolling quicker even though you may be risking some expense.