I am helping my sister sell her flat in Falmouth. Does the conveyancer commission an energy assessment or it is for me to see to?
Following the abolition of HIPs, energy performance certificates was maintained a mandatory component of selling a house. An EPC must be to hand prior to the property being marketed. It is not something that law firms ordinarily organise. Where you are using a Falmouth conveyancing solicitor they might help arrange EPC’s given their relationships with long established Falmouth accredited person
Can I be sure that the Falmouth conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Falmouth getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your transaction.
I currently have a mortgage with RBS for my property in Falmouth. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval prior to letting out your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
I'm purchasing a new build house in Falmouth benefiting from help to buy. The builders would not move on the price so I negotiated £7000 of extras instead. The property agent advised me not disclose to my lawyer about the extras as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Falmouth I like with open areas and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Falmouth 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 the remaining unexpired lease term will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
My business partner and I are hoping to take an assignment of a lease of an office on a shopping parade. Can you recommend conveyancers offering no-sale-no costs for commercial conveyancing in Falmouth for less than £2000?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Falmouth, including the disposal and purchase of businesses as well as simply property. If you are looking to buy or lease a shop, pub, restaurant, office, retail unit or a whole business we will find you the right solicitor. As for the charges these will vary based on the structure and terms of the deal. Let us have your contact information or telephone so as to enable us to supply you with a fixed commercial conveyancing quote.
I work for a busy estate agency in Falmouth where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Falmouth conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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 sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 inherited a 1 bedroom flat in Falmouth, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Falmouth with over 90 years remaining are worth £190,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2083
With just 62 years remaining on your lease we estimate the premium for your lease extension to be between £17,100 and £19,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure 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 additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
We are in the middle of purchasing a residence in Falmouth. Conveyancing lawyer has told us the title is "Leasehold". Should this adversely affect the salability of the house?
Falmouth conveyancing does not normally involve leasehold houses. The key factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it’s unlikely to affect the value too much.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a adverse impact on the value, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be specified in the lease which should be made available to your lawyer.