I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Stamford. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 7/9/2020, the requirements read as follows :
About to purchase a new build apartment in Stamford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Stamford
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Stamford is the location of the property. Is there any guidance you can give?
Flying freeholds in Stamford 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 Stamford you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stamford may ascertain 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.
How does the Landlord & Tenant Act 1954 impact my business property in Stamford and how can your lawyers assist?
The particular law that you refer to gives security of tenure to business leaseholders, granting the dueness to make a request to court for a new tenancy and continue in occupation at the end of an expired lease. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Stamford is one of our hundreds of locations in which our lawyers have offices
If all goes to plan we aim to complete the disposal of our £325,000 garden flat in Stamford in seven days. The landlords agents has quoted £396 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Stamford?
Stamford conveyancing on leasehold maisonettes normally necessitates the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are at liberty to charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded if you want to complete the sale of your home.
I invested in buying a studio flat in Stamford, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Stamford with a long lease are worth £176,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2100
With only 80 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 above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns 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.
Living abroad it is not practicable to attend my Stamford conveyancing lawyers office to sign documents for conveyancing in Stamford – is this a problem?
You need not be concerned. Stamford conveyancing solicitors can undertake home moves for clients wider afield. You are unlikely to be required to be present a Stamford conveyancers office. They can undertake all communications using post, email, telephone and fax.