My partner and I are buying a newly built apartment in Beaworthy and my lawyer is informing me that she is duty bound to the bank to reveal incentives from the developer. I am nearing the developer’s deadline to exchange and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property 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.
We're in Beaworthy, First time buyers purchasing with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland 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.
My wife and I have a renovated Georgian house in Beaworthy. Conveyancing lawyer acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the exact same address. Is it worth asking Chelsea Building Society to clarify?
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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Beaworthy and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing lawyer who conducted the work.
I am looking for a ground for flat up to £195,000 and found one close by in Beaworthy I like with open areas and railway links in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Beaworthy in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
What makes your site different to other online quote calculators for conveyancing in Beaworthy?
At this site obtain an accurate costs illustration from a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Beaworthy. Unlike many estate agents and many comparison sites we are not in the business of charging firms a fee if you appoint them for your conveyancing in Beaworthy
Looking forward to sign contracts shortly on a leasehold property in Beaworthy. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Beaworthy should include some of the following:
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Advice as to the provision as set out in the lease to pay service charges - with regard to both the building, and the wider rights a lessee enjoys specifics of the parties to the lease, for example these could be the tennant, superior lessor, landlord Defining your legal entitlements in respect of the communal areas in the building.For example, does the lease permit a right of way over an accessway or hallways? Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I acquired a studio flat in Beaworthy, conveyancing having been completed November 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Beaworthy with over 90 years remaining are worth £190,000. The ground rent is £65 yearly. The lease runs out on 21st October 2086
With only 61 years unexpired the likely cost is going to be between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.