I am about to complete buying a house in Thornhill but as a consequence of damage from some water damage at the property I have managed to agree compensation from the seller of £3k by way of a adjustment in the price. I had intended this to be dealt with as part of amending the contract but Clydesdale will not permit this. Should they have been approached?
The lawyer being on the Clydesdale approved list is duty bound to disclose to Clydesdale of any variations to the purchase price. If you prohibit your solicitor to disclose the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new lawyer for your conveyancing in Thornhill.
Please explain the implications if my lawyer’s firm is suspended from the Clydesdale Solicitor panel ahead of completing my conveyancing in Thornhill?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
4 months have elapsed following my purchase conveyancing in Thornhill completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Thornhill with a loan from Yorkshire Building Society. The developers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not disclose to my lawyer about this side-deal as it could adversely affect my mortgage with Yorkshire Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking to sell my house. My previous conveyancers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Thornhill if that makes things easier.
You should use our search tool to help you choose a solicitor for your conveyancing in Thornhill. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.
I work for a long established estate agent office in Thornhill where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Thornhill conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 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 simultaneously with completion of the sale.
An alternative approach is 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 acquired a basement flat in Thornhill, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Thornhill with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2101
With just 75 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.