My wife and I are purchasing a newly built apartment in Burbage and my conveyancer is advising me that she is duty bound to the lender to disclose incentives from the developer. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank 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.
What will a local search reveal concerning the house I am purchasing in Burbage?
Burbage conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search plays an important role in many a Burbage conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search will provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
Me and my brother have a semi-detached Edwardian property in Burbage. Conveyancing solicitor acted for me and Halifax. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Burbage and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who completed the work.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Burbage is where the house is located. Can you shed any light on this issue?
Flying freeholds in Burbage are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burbage you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burbage 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 property.
How can the Landlord & Tenant Act 1954 impact my business property in Burbage and how can you help?
The 1954 Act provides security of tenure to commercial lessees, giving them the dueness to make a request to court for a new lease and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Burbage is one of the many areas of the UK in which the firms we work with are located
I have just started marketing my ground floor apartment in Burbage. Conveyancing has not commenced, however I have recently had a yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you pay the maintenance contribution as usual as all ground rent and maintenance charges should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a 1st floor flat in Burbage, conveyancing formalities finalised in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Burbage with a long lease are worth £191,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2079
You have 54 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.