I am need of leasehold conveyancing for an apartment in a fairly new development (6 years built) in Peterborough. Almost all the flats have already been sold. Is it really necessary to order conveyancing searches as part of conveyancing in Peterborough?
If you are buying a property with the assistance of a mortgage, your lender will need some (many) of the searches so you'll have no choice. If not, then Peterborough conveyancing searches are for you to decide upon. Your solicitor, will ’encourage’, perhaps strongly, that you should not go ahead without searches, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you insist that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to change to an alternative solicitor for your conveyancing in Peterborough.
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Norwich and Peterborough Building Society conveyancing panel for example in Peterborough?
We would not expect to be advised of any plans on the part of the BSA to develop such a tool.
My stepmother pointed out to me me that in buying a property in Peterborough there could be a number of restrictions preventing external changes to the property. Is this right?
There are a number of properties in Peterborough which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Peterborough should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the sole recipient of my late father’s will and I have everything in my name now, including the my former home in Peterborough. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I do know about the CML six month 'rule', meaning my property ownership could be treated the same way as though I had purchased the house in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. many lenders would take a practical view as this clause is primarily there to pick up on subsales or the flipping of property.
The formalities of my remortgage has taken place for my property in Peterborough. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
How does conveyancing in Peterborough differ for new build properties?
Most buyers of new build property in Peterborough come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Peterborough typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Peterborough or who has acted in the same development.
Is it best to use a Peterborough conveyancing lawyer in close proximity to the house I am hoping to buy? I have an old university friend who can execute the conveyancing but her office is 400miles drive away.
The primary upside of using a high street Peterborough conveyancing practice is that you can attend the office to execute documents, deliver your identification documents and pester them where appropriate. They will also have local insight which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and the majority were content that must surpass using an unknown Peterborough conveyancing lawyer just because they are local.
Can you provide any advice for leasehold conveyancing in Peterborough from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Peterborough can be avoided where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers’ conveyancers. A minority of Peterborough leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. The majority of landlords or Management Companies in Peterborough charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Peterborough. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Peterborough leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such alterations. Where you fail to have the consents to hand do not contact the landlord without checking with your lawyer in the first instance.
I acquired a ground floor flat in Peterborough, conveyancing was carried out in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Peterborough with a long lease are worth £175,000. The ground rent is £65 per annum. The lease ends on 21st October 2082
With 58 years left to run we estimate the price of your lease extension to be between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.