My partner and I are purchasing a new build duplex in South Petherton and Lambrook and my solicitor is telling me that she has to the mortgage company to reveal incentives from the seller. I am on a tight deadline to sign contracts and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do I need to take out insurance to address the risk of chancel repairs when purchasing a property in South Petherton and Lambrook?
Unless a prior purchase of the house completed post 12 October 2013 you may assume that solicitors carrying out conveyancing in South Petherton and Lambrook to remain recommending a chancel search and or chancel repair liability policy.
Me and my brother have a 4 bedroom Edwardian property in South Petherton and Lambrook. Conveyancing practitioner acted for me and Barnsley Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You should read 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 South Petherton and Lambrook and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing solicitor who completed the work.
How does conveyancing in South Petherton and Lambrook differ for newly converted properties?
Most buyers of new build residence in South Petherton and Lambrook approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in South Petherton and Lambrook tend to 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 conveyancing solicitors 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 South Petherton and Lambrook or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. South Petherton and Lambrook is where the house is located. Is there any guidance you can give?
Flying freeholds in South Petherton and Lambrook are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in South Petherton and Lambrook you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Petherton and Lambrook may determine 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 premises.
I am a negotiator for a busy estate agency in South Petherton and Lambrook where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local South Petherton and Lambrook conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
I am the registered owner of a garden flat in South Petherton and Lambrook, conveyancing having been completed in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in South Petherton and Lambrook with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease expires on 21st October 2080
With just 55 years remaining on your lease we estimate the price of your lease extension to be between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.