Why do I have to pay up front when it comes to conveyancing in Rye?
If you are buying a property in Rye your solicitor will request that you to provide them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the conveyancing searches. When the deposit is payable against the total price then this will be asked for immediately in advance of exchange of contracts. The final balance that is needed should be transferred a few days prior to the completion date.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Rye so that I can pop in to their offices if required.
Most approved lawyers for mortgage companies carry out all of the communications through Royal Mail, internet or over the phone. This means that they can undertake the legal work for your home move regardless of where you live in England or Wales. However you can check if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
Should my solicitor be raising questions regarding flooding during the conveyancing in Rye.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Rye. There are those who buy a property in Rye, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a various checks that may be carried out by the purchaser or by their lawyers which will figure out the risks in Rye. The standard property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to determine if the premises has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer could issue a claim for damages as a result of such an inaccurate reply. A purchaser’s conveyancers may also order an enviro search. This will disclose if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
My wife and I purchased a 4 bedroom Victorian property in Rye. Conveyancing solicitor acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the exact same property. Is it worth asking Lloyds TSB Bank to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rye and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing solicitor who carried out the work.
I decided to have a survey carried out on a house in Rye ahead of instructing conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders may not grant a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rye. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rye to see if the conveyancing will be more expensive.
I work for a long established estate agent office in Rye where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Rye conveyancing solicitors. Can you clarify whether the vendor of a flat can start 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
Leasehold Conveyancing in Rye - Sample of Queries Prior to Purchasing
Does this lease have in excess of 82 years remaining? Where a Rye lease has no more than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your bank that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would need to own the premises for two years in order to be eligible to carry out a lease extension. This information is important as a) areas can cause problems in the block as the common areas may start to deteriorate if services are not paid for b) if the tenants have an issue with the running of the building you will need to know about it