My partner and I are acquiring a new build apartment in Shefford and my solicitor is informing me that she has to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What is the first thing I need to know regarding purchase conveyancing in Shefford?
You may not hear this from too many lawyers but conveyancing in Shefford and elsewhere in Bedfordshire is an adversarial experience. Put another way, when it comes to conveyancing there exists lots of opportunity for conflict between you and others involved in the house moving process. For example, the vendor, property agent and on occasion the bank. Appointing a law firm for your conveyancing in Shefford should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to look after your legal interests and to keep you safe.
Every so often a potential adversary may try and sway you that you should follow their advice. As an example, the selling agent may claim to be helping by claiming that your conveyancer is wrong. Or your mortgage broker may tell you to do take action that is against your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
My flat in Shefford is up for sale and I have a purchaser. Will the conveyancer need to be required to be on the Virgin Money conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I am looking into buying my first house which is in Shefford and I am already nervous. I couldn't find anything specific about Shefford. Conveyancing will be needed in due course but do you know about the Shefford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Shefford. In the meantime here are some basic statistics that we found
Is it best to appoint a Shefford conveyancing solicitor based in the location that I am buying? An old friend can carry out the legal work but her office is a couple of hundredkilometers away.
The benefit of a local Shefford conveyancing practice is that you can drop in to sign paperwork, hand in your identification documents and pester them where appropriate. They will also have local knowledge which is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and they were happy that should trump using an unknown Shefford conveyancing solicitor just because they are local.
My wife and I may need to let out our Shefford ground floor flat temporarily due to taking a sabbatical. We used a Shefford conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Shefford do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I inherited a 1 bedroom flat in Shefford, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Shefford with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease expires on 21st October 2075
You have 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.