Will my conveyancing lawyers need to check that the building insurance when buying a house in Cranfield. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 14/12/2024, the requirements read as follows :
My partner and I are close to exchanging contracts on the sale of our home in Cranfield and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A high street Cranfield conveyancer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing practice as opposed to a conveyancing solicitor in Cranfield. Having lived in Cranfield for many years we know that this is a non issue. Should we contact our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
three months have gone by since my purchase conveyancing in Cranfield took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 property 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.
I am buying a new build apartment in Cranfield. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Cranfield
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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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared.
I am using a search engine for the term on line conveyancing in Cranfield it reveals numerous conveyancersin the area. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The best way of choosing the right conveyancer is through a personal recommendation, so enquire of colleagues and family who have purchased a property in Cranfield or a local estate agent or mortgage broker. Costs for conveyancing in Cranfield differ, so it's a good idea to request at least four costs illustrations from varying types of law firms. Be sure to obtain confirmation that the fees are fixed.
I am employed by a busy estate agent office in Cranfield where we have witnessed a few flat sales put at risk due to short leases. I have been given inconsistent advice from local Cranfield conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension process 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 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 buyer.
I am the registered owner of a ground floor flat in Cranfield, conveyancing having been completed in 1997. 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? Similar flats in Cranfield with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2094
You have 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.