I have recentlydiscovered that Action Conveyancing have been shut down. They conducted my conveyancing in Downham Market for a purchase of a leasehold apartment 12 months ago. How can I establish that my home is not still registered in the name of the previous owner?
The quickest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Downham Market conveyancing specialists.
I'm purchasing my first flat in Downham Market with a loan from Nationwide Building Society. The builders would not budge the amount so I negotiated 6k of extras instead. The property agent advised me not disclose to my lawyer about the deal as it may affect my loan with Nationwide Building Society. Is this normal?.
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.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Downham Market I like with amenity areas and transport links in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Downham Market for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Taking into account that I will soon spend 450k on a property in Downham Market I wish to have a conversation with the lawyer about myhome move in advance of giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you liaising with the conveyancer due to be carrying out your conveyancing in Downham Market.There is no ‘factory style conveyancing’ - every client is unique individual, not a file number. The practices that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Downham Market should be the figure that you end up paying.
I work for a busy estate agency in Downham Market where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Downham Market conveyancing solicitors. Please can you clarify whether the vendor of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 ground floor flat in Downham Market, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Downham Market with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease finishes on 21st October 2086
With just 61 years unexpired we estimate the price of your lease extension to span between £18,100 and £20,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you 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.
My wife and I have recently appointed a conveyancing solicitor in Downham Market. I need to find out if they are listed on the lender's conveyancing panel. Could you assist?
One option is to phone the solicitor and ask them if they are on the lender's approved list. Alternatively please call us and we can investigate and revert. Should the firm not be on the lender panel we can certainly arrange a specialist conveyancing solicitor in Downham Market on the approved list for your mortgage company.