We are due to complete on the purchase of a house in Peacehaven but as a consequence of damage from a small fire at the property I have was able negotiate recompense from the current proprietors of £2k taking the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process however Barclays will not permit this. Why were they notified?
Any solicitor being on a Barclays conveyancing panel is required to advise Barclays of any changes to the sale price. If you were to refuse your conveyancer to notify the price change to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new conveyancing practitioner for your conveyancing in Peacehaven.
We have agreed to purchase a house in Peacehaven. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
As you are obtaining a mortgage with Kent Reliance your lawyer must follow the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and lawyers are required to report to Kent Reliance where a lease fails to comply with these requirements. The provisions relate to the installation of panels on properties countrywide and is not limited to Peacehaven.
The mortgage over my property is with Barclays for my property in Peacehaven. Conveyancing was finalised months 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 Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval prior to letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays 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 Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel firm.
My offer on a house in Peacehaven has been agreed to, the owners do nevertheless have an associated purchase. The vendors have offered on a flat, but it’s not yet tied up, and are looking at other properties booked. I have selected a nearby conveyancing solicitor in Peacehaven. What should be my next step? When do I get the mortgage application with UBS started?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Peacehaven conveyancing search fees, etc). First, you must ensure that your conveyancing practitioner is on the UBS approved list. Concerning the next steps this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. During a hot market some purchasers would apply for the mortgage with UBS and arrange for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
Will my conveyancer be raising questions regarding flooding during the conveyancing in Peacehaven.
Flooding is a growing risk for lawyers carrying out conveyancing in Peacehaven. There are those who buy a property in Peacehaven, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Peacehaven. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to discover whether the property has historically flooded. If the property has been flooded in past and is not disclosed by the seller, then a purchaser may bring a legal claim for losses as a result of such an inaccurate reply. A purchaser’s solicitors may also carry out an environmental report. This should higlight whether there is any known flood risk. If so, additional investigations will need to be initiated.
It has been five months following my purchase conveyancing in Peacehaven took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build flat in Peacehaven. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Peacehaven
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I am a negotiator for a busy estate agent office in Peacehaven where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Peacehaven conveyancing firms. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. 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 agree the lease extension with the freeholder 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 buyer.
Leasehold Conveyancing in Peacehaven - Examples of Queries before Purchasing
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What prohibitions are contained in the Peacehaven Lease? Make sure you discover if there are any onerous prohibitions in the lease. For instance it is very common in Peacehaven leases that pets are not permitted in in a block in Peacehaven. If you like the flatin Peacehaven yet your dog can’t move with you then you have a very hard decision. Are there any major works in the planning that could increase the service costs?