My relative advised me that if I am buying in Princes Risborough I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Princes Risborough conveyancing searches. It is not a small document of more than thirty pages, listing and detailing important information about Princes Risborough around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Princes Risborough Education with plans and statistics, Local Amenities and other useful information concerning Princes Risborough.
How does conveyancing in Princes Risborough differ for new build properties?
Most buyers of new build residence in Princes Risborough contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Princes Risborough usually buy the real estate, 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 conveyancers 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 accustomed to new build conveyancing in Princes Risborough or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Princes Risborough is the location of the property. Can you offer any guidance?
Flying freeholds in Princes Risborough are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Princes Risborough you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Princes Risborough may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I have been sourcing a conveyancing lawyer in Princes Risborough for my home move. Can I review a solicitor's complaints history with the profession’s regulator?
One can search for documented Solicitor Regulator Association (SRA) decisions arising from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator may recorded telephone calls for training requirements.
What makes a Princes Risborough lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Princes Risborough. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I invested in buying a basement flat in Princes Risborough, conveyancing having been completed October 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Princes Risborough with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2092
With 71 years unexpired the likely cost is going to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional 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 without first getting professional advice.
We own a leasehold flat in Princes Risborough. Conveyancing was finished in 21012. I have heard that I mustn’t let the lease length fall too low. Is this right?
Princes Risborough leasehold properties are for a set term - often 99 years when they commenced. However a significant appartments in Princes Risborough were built or converted 20 or more years ago and so these leases now have fewer than 80 years unexpired. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions tend to need leases to have at least 75 years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To increase the marketability of your property you should be thinking about whether to extend your lease long before you come to sell it. Please note that there are strong financial reasons to doing so before the lease hits 80 years as when the lease is below eighty years the amount to be paid to extend starts to increase.