We are buying a property in Kemp Town. It might be a silly question but how we can trust a solicitor? On completion day we will need to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am purchasing a property in Kemp Town. One unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Principality your lawyer must comply with the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for Principality. The CML Handbook contains minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Principality where a lease does not comply with these specifications. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Kemp Town.
Coventry BS have agreed my home loan in principle, my bid on a property in Kemp Town has been accepted, now what?
The estate agent will wish to know who your solicitors are (make sure the solicitors are on the lender’s panel). Call up Coventry BS or your broker and complete any appropriate paperwork. Coventry BS will instruct a valuer who will get in touch with the estate agent or vendor to book an appointment. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Coventry BS will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Kemp Town.
Various online forums that I have frequented warn that are the number one reason for obstruction in Kemp Town house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Kemp Town.
How does conveyancing in Kemp Town differ for new build properties?
Most buyers of new build residence in Kemp Town contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because builders in Kemp Town typically acquire the land, 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 accustomed to new build conveyancing in Kemp Town or who has acted in the same development.
I decided to have a survey carried out on a property in Kemp Town ahead of instructing solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders may refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kemp Town. Conveyancing will be smoother if you use a solicitor in Kemp Town especially if they regularly deal with such properties in Kemp Town.
I have just started marketing my ground floor apartment in Kemp Town. Conveyancing is yet to be initiated, however I have recently had a quarterly service charge invoice – what should I do?
The sensible thing to do is discharge the invoice as you normally would as all rents and service invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a garden flat in Kemp Town, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Kemp Town with an extended lease are worth £186,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2076
With just 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. 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. Please do not take any other action based on this information before getting professional advice.
What type of property do your Kemp Town conveyancing estimates relate to?
The quotes supplied are only relevant to standard domestic premises in England & Wales. If you have any different needs such as industrial or agricultural land or commercial conveyancing in Kemp Town please contact us to address this further .