My bid for a property was accepted at auction in Poundbury. Conveyancing is needed. What are my next steps?
Given that you are now legally committed yourself to purchase you now have to appoint a conveyancing lawyer soon as you now have a tight deadline in which to complete the conveyancing. An auction property should have a bespoke auction pack. This will include most,if not all of the documents that your lawyer will need. If you have purchased leasehold premises the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You must pass this on to the lawyer instructed by you at the earliest opportunity. You also need to ensure that you have funds in order to complete on the date specified in the contract.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Poundbury bank branch on numerous occasions and was told it wasn't an issue and they will lend. My Poundbury conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their specific requirements. Who do I believe?
The property lawyer has to comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Intending to buy a flat in Poundbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Poundbury lawyer is on the Principality conveyancing panel.
It has been five months since my purchase conveyancing in Poundbury took place. I have checked the Land Registry site which shows that I paid £175,000 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 property 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.
I am looking for a ground for flat up to £245,000 and found one near me in Poundbury I like with a park and transport links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Poundbury in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Taking into account that I will soon spend hundreds of thousands of pounds on a two bedroom apartment in Poundbury I would like to talk to a lawyer about myconveyancing ahead of giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor due to be conducting your property ownership legalities in Poundbury.There is no ‘factory style conveyancing’ - every client is unique individual, not a file reference. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Poundbury should be the amount on the final invoice that you are charged.
Due to sign contracts shortly on a garden flat in Poundbury. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Poundbury should include some of the following:
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if lease has a provision for a slush fund? What options are open to you if an adjoining owner is in violation of a provision in their lease? Does the lease prevent you from letting out the flat, or having a home office for business Your conveyancers should enable you to have an understanding of the building insurance provisions Who has the liability for repairing the window frames
I inherited a 2 bed flat in Poundbury, conveyancing was carried out in 2009. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Poundbury with a long lease are worth £265,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2102
You have 76 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
I am an executor of my recently deceased mother’s Will, with a property in Poundbury which is to be marketed. The house has never been registered at HMLR and I'm advised that some EAs will insist that it is done before they'll proceed. What's the procedure for this?
In the circumstances you refer to it seems sensible to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.