I'm at the point of looking at flats in Bury St Edmunds and I am now considering a potential offer. Is it best to have my property lawyer on ‘stand by’? I intend to finance via a home loan with Principality.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are getting a mortgage with Principality, make sure you remember to check that your lawyer is on the Principality conveyancing panel.
It is unclear whether my lender requires a lease extension. I have telephoned my Bury St Edmunds building society branch on numerous occasions and was advised it wasn't an issue and they will lend. My Bury St Edmunds conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
Your property lawyer must follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My sealed bid on a semi in Bury St Edmunds has been agreed to, but there is a chain. The sellers have offered on on an apartment, however it’s not yet tied up, and have viewings of other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Bury St Edmunds. What should be my next step? At what point do I apply for the mortgage with Barclays?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of £1k, then valuation, Bury St Edmunds conveyancing search fees, etc). First, you should check that your conveyancer is on the Barclays approved list. As to the next steps this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. In a rising market some purchasers will apply for a home loan with Barclays and pay for the valuation and only if it was satisfactory would they request their conveyancer to press on with the conveyancing in Bury St Edmunds.
The deeds to my house can not be found. The lawyers who handled the conveyancing in Bury St Edmunds 10 years ago are no longer around. What do I do?
Nowadays there are duplicates made of almost everything, and your solicitor will be aware precisely where to find all the relevant paperwork so you may purchase or sell your property without a hitch. If copies can’t be found, your conveyancer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on the property.
About to purchase a new build flat in Bury St Edmunds. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bury St Edmunds
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Bury St Edmunds I like with open areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Bury St Edmunds in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to 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 consult your conveyancing lawyer regarding this.
How does the Landlord & Tenant Act 1954 impact my business property in Bury St Edmunds and how can you help?
The particular law that you refer to affords a safeguard to commercial lessees, granting the right to make a request to court for a renewal tenancy and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Bury St Edmunds
I am planning to sell a parking space which is on a separate legal title with the land registry and hope to get 30k, to clear debts. There is a mortgage with Kent Reliance. Is it possible for you to recommend a cheapish conveyancer as the conventional £500-600 eats in the return somewhat. Although I live in Bury St Edmunds I dont have to instruct a Bury St Edmunds conveyancer.
LenderPanel.com is restricted to being a directory service for conveyancing practitioners who wish to be listed as being on the approved conveyancing panel for Kent Reliance in certain locations for instance Bury St Edmunds . We dont recommend any particular property lawyer.