We chose a Penzance based firm for my conveyancing in Penzance last week. Reviewing the Terms I noteI am liable for charges even if the dealfalls through. Would I be best advised to choose a web based firm who offer no-sale-no-fee conveyancing in Penzance?
It is usually ‘give and take’ in that if "No Sale No Fee" is advertised then the conveyancing charges will tend to be be higher to counteract the transactions that do not go ahead. Do bear in mind that such arrangements rarely protect you from expenditure by way of example Penzance conveyancing search fees.
Our Penzance conveyancer has discovered a difference between the information in the home valuation report and what is in the title deeds. My lawyer has advised that he is obliged to check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
The estate agent has sent us the confirmation of our purchase of a new build flat in Penzance. Conveyancing is a frightening process 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 legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Penzance
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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. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Penzance I like with amenity areas and station nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Penzance for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I have just started marketing my ground floor flat in Penzance. Conveyancing solicitors are to be appointed soon, but I have recently had a quarterly service charge invoice – what should I do?
It best that you pay the maintenance contribution as normal given that all ground rent and maintenance invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless 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 2 bed flat in Penzance, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Penzance with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2086
With only 61 years left to run the likely cost is going to range between £19,000 and £22,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
My husband and I are hoping to buy a 2 bedroom bungalowin Penzance with a residential mortgage from a mortgage company. We have selected a lawyer in Penzance yet our lender inform us now that he's not on their "panel". It seems we have little choice but to instruct from the our lender panel firms or keep our Penzance solicitor and incur the extra legals for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that our lender use our Penzance lawyer?
No, not really. The mortgage company mortgage issued is subject to conditions, one of which will be that solicitors will on the bank's conveyancing panel. in the past, most lenders had open panels, including almost all conveyancing solicitors in Penzance : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your mortgage company.