Can I use your services to locate a Conveyancing solicitor in Ely even where I’m not purchasing or selling a house, for instance where I wish to acquire an office in Ely with a loan from The Mortgage Works?
The service is mainly utilised to help choose domestic conveyancing solicitors in Ely but we have set out at the end of this page some Ely commercial conveyancing firms. You will need to enquire with the company directly to see if they are also authorised to represent The Mortgage Works
Should my solicitor be asking questions about flooding during the conveyancing in Ely.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Ely. Plenty of people will purchase a property in Ely, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Ely. The conventional set of completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to discover if the property has suffered from flooding. In the event that the residence has been flooded in past which is not notified by the owner, then a buyer could issue a compensation claim as a result of such an incorrect reply. A purchaser’s conveyancers may also conduct an environmental report. This should disclose if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
I have todayfound out that Wolstenholmes have been shut down. They conducted my conveyancing in Ely for a purchase of a leasehold apartment 9 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can make 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 Ely conveyancing specialists.
I'm buying my first flat in Ely with a mortgage from Barclays . The sellers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not disclose to my conveyancer about the side-deal as it could jeopardize my mortgage with Barclays . 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 employed by a reputable estate agency in Ely where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Ely conveyancing firms. Could you shed some light as to whether the owner of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 purchaser.
I purchased a studio flat in Ely, conveyancing formalities finalised in 2001. 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 Ely with an extended lease are worth £192,000. The ground rent is £55 yearly. The lease ceases on 21st October 2078
You have 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
We are in the midst of selling our flat in Ely. Conveyancing solicitors are doing their job but we are being charged a fortune from the freeholder. To date we have issued a cheque for £237 for a leasehold management pack and then another £117.20 for answers to questions raised by the buyers property lawyer.
Your conveyancing practitioner will unlikely have any impact over the level of the fee for this information however the typical costs for the information for Ely leasehold property is £360. For Ely conveyancing transactions it is customary for the owner to pay for these costs. The freeholder or their agents are not duty bound to address such questions most will be content to do so - albeit often at high prices where the fees bear little relation to the work involved. Regretfully there is no statute that requires capped fees for administrative tasks. There is no statutory time limit by which they are duty bound to supply answers.