My wife and I are soon to exchange on the purchase of a house in Burry Port but as a consequence of damage from some water damage at the property I have managed to agree recompense from the vendor of three thousand pounds by way of a deduction in the price. I had intended this to be addressed as part of amending the contract but Yorkshire BS are not allowing this. Why were they approached?
Your property lawyer being on a Yorkshire BS approved list is duty bound to inform Yorkshire BS of any changes to the sale price. If you were to refuse your solicitor to report the price change to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new solicitor for your conveyancing in Burry Port.
I am buying a house and the solicitor has referenced Chancel Repair for which the property may be obligated to pay given it’s proximity to the area of such a church. He has mentioned insurance. Is this really necessary for conveyancing in Burry Port
Unless a prior acquisition of the house completed after 12 October 2013 you may take it that conveyancing practitioners conducting conveyancing in Burry Port to remain encouraging a chancel search and or insurance against a claim.
The deeds to my property can not be found. The solicitors who conducted the conveyancing in Burry Port 10 years ago are no longer around. What are my next steps?
You no longer need to hold title deeds to evidence that you are the registered proprietor of land or property, as the Land Registry have everything they need in a digital format.
I'm buying a new build house in Burry Port with a loan from Coventry Building Society. The builders would not budge the amount so I negotiated £7000 of extras instead. The property agent advised me not disclose to my lawyer about this deal as it will impact my loan with the lender. Should I keep quiet?.
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.
What does commercial conveyancing in Burry Port cover?
Burry Port conveyancing for business premises incorporates a wide array of advice, supplied by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I am a negotiator for a busy estate agent office in Burry Port where we have experienced a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Burry Port conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
I own a 1 bedroom flat in Burry Port, conveyancing having been completed May 2008. Can you work out an approximate cost of a lease extension? Comparable flats in Burry Port with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2081
With just 55 years unexpired the likely cost is going to be between £31,400 and £36,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.