How up to date is your database of Paddock Wood solicitors on the Leeds Building Society conveyancing panel? Do Leeds Building Society send you an updated list?
Paddock Wood conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
The Paddock Wood conveyancing firm that I recently instructed on my purchase in Paddock Wood have suddenly closed. I chose them because I had to have a lawyer on the Lloyds conveyancing panel and my preferred Paddock Wood lawyer was not. I cut them a cheque for £250 in advance. What do I do now?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
I purchased my house on 6 April and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Paddock Wood said it would be recorded inside ten days. Are titles in Paddock Wood uniquely lengthy to register?
As far as conveyancing in Paddock Wood registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can differ depending on the party submitting the application, whether it is in order and if the Land registry must send notices to any other parties. As of today roughly three quarters of such applications are fully addressed in less than three weeks but some can be subject to longer delays. Registration takes place after the buyer has moved in to the premises therefore post completion formalities is not usually primary concern but where it is urgent that the the registration takes place urgently then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
I am buying my first flat in Paddock Wood benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent told me not reveal to my solicitor about the extras as it will impact my loan with the bank. Is this normal?.
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 close by in Paddock Wood I like with open areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Paddock Wood in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I am tempted by the attractive purchase price for a couple of maisonettes in Paddock Wood which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Paddock Wood is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat 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 Paddock Wood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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 leasehold flat in Paddock Wood, conveyancing having been completed January 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Paddock Wood with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2094
With 69 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.