We're in Abridge, FTBs buying with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it necessary to take out insurance to cover chancel repairs when purchasing a residence in Abridge?
Unless a previous acquisition of the premises completed after 12 October 2013 you could expect lawyers handling conveyancing in Abridge to continue to advocate a chancel search and or insurance against a claim.
I am purchasing a new build house in Abridge with a mortgage from Nottingham Building Society. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about this deal as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 for a ground for flat up to £305k and identified one round the corner in Abridge I like with a park and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Abridge for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I work for a reputable estate agent office in Abridge where we have experienced a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Abridge conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
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.
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Abridge. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Abridge conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Abridge residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The unexpired term as at the valuation date was 69.26 years.
Is there a distinction between surveying and conveyancing in Abridge?
Conveyancing - in Abridge or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you discover the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the vendor to remedy the defects before you complete your move.