My wife and I are purchasing a newly constructed apartment in Marple Bridge and my solicitor is advising me that she is duty bound to the lender to disclose incentives from the developer. I am under pressure to sign contracts and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will our conveyancer be raising questions concerning flooding as part of the conveyancing in Marple Bridge.
The risk of flooding is if increasing concern for lawyers dealing with homes in Marple Bridge. There are those who acquire a house in Marple Bridge, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where 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 as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a number of searches that can be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Marple Bridge. The conventional set of information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to find out if the premises has suffered from flooding. If the premises has been flooded in past and is not revealed by the vendor, then a buyer may commence a compensation claim as a result of such an misleading answer. A purchaser’s lawyers will also conduct an environmental search. This should higlight whether there is a recorded flood risk. If so, additional inquiries will need to be carried out.
I have a renovated Victorian house in Marple Bridge. Conveyancing solicitor represented me and Lloyds TSB Bank. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the matching address. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Marple Bridge and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing lawyer who conducted the purchase.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Marple Bridge is the location of the property. Can you offer any opinion?
Flying freeholds in Marple Bridge are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Marple Bridge you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Marple Bridge may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Given that I will soon spend over three hundred thousand on 3 bedroom house in Marple Bridge I wish to have a conversation with the conveyancer regarding theconveyancing before appointing the firm. Is this something that you can arrange?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you liaising with the lawyer who will be carrying out your property ownership legalities in Marple Bridge.There is no ‘factory style conveyancing’ - each client is an important individual, not a file number. The practices that we put you in touch with believe that the fees you are provided with for your conveyancing in Marple Bridge should be the amount on the final invoice that you end up paying.
Back In 2005, I bought a leasehold flat in Marple Bridge. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Marple Bridge who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Marple Bridge conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a 1 bedroom flat in Marple Bridge, conveyancing having been completed in 2010. Can you work out an approximate cost of a lease extension? Equivalent flats in Marple Bridge with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2080
You have 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. 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 considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.