My wife and I are acquiring a newly built duplex in Basingstoke and my solicitor is telling me that she has to the mortgage company to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company 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.
Is there a reason why leasehold purchase conveyancing in Basingstoke costs more?
In summary, leasehold conveyancing in Basingstoke and Hampshire usually necessitates additional hours of investigation compared to freehold transactions. This includes lease investigation, liaising with the landlord concerning the service of required notices, obtaining up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first granted.
Do commercial conveyancing searches reveal planned roadworks that could affect a commercial estate in Basingstoke?
Its becoming the norm that commercial conveyancing solicitors in Basingstoke will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Basingstoke. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Basingstoke.
For every commercial conveyancing transaction in Basingstoke it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Basingstoke commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Basingstoke.
It has been 2 months since my purchase conveyancing in Basingstoke concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 premises 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.
My partner has urged me to use his conveyancing solicitors in Basingstoke. Do I follow his advice?
Much as we are happy to recommend a Basingstoke conveyancing lawyer the best way to select a conveyancing solicitor is to get guidance from friends or family who have previously instructed the firm that you are are thinking of instructing.
I am employed by a long established estate agent office in Basingstoke where we have experienced a number of flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Basingstoke conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have 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 disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
Basingstoke Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
-
The prefered form of lease arrangement is if the freehold title is owned by the leaseholders. In this arrangement the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is often retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Are any of leasehold owners in dispute over their service charge liability? Can you tell me if there are any major works on the horizon that will likely increase the maintenance costs?