I am acquiring a property for cash in Looe. I have lived for the last twelve years in Looe. Conveyancing searches are expensive. As I know the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then all but one or two of the Looe conveyancing searches are at your discretion. Your solicitor will try and steer you, no-doubt strongly, that you should have searches completed, but she has a professional duty to take that path of guidance. Do bear in mind; if you are intend to dispose of the house at a future date, it will be of importance to your future buyer what the searches determine. On occasion houses with day to day issues can still reveal unpredicted search results. A good conveyancing solicitor in Looe should provide you some helpful advice concerning this.
What happens if my lawyer’s firm is removed from the UBS Solicitor panel ahead of completing my conveyancing in Looe?
The first thing to point out is that, this is very unlikely to happen. 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 for a fee.
Are there restrictive covenants that are commonly identified as part of conveyancing in Looe?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Looe. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey carried out on a property in Looe prior to appointing solicitors. I have been informed that there is a flying freehold element to the property. My surveyor advised that some banks tend not grant a mortgage on this type of house.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Looe. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking at a couple of apartments in Looe both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Looe is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Looe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 1 bedroom flat in Looe, conveyancing was carried out February 2002. How much will my lease extension cost? Corresponding flats in Looe with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2077
With only 56 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
I see that you have a search directory identifying solicitors on the lender conveyancing panel. Do Looe conveyancing firms pay you a commission if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the mortgage company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Looe.