What is the first thing I need to know concerning purchase conveyancing in Faversham?
You may not hear this from too many lawyers but conveyancing in Faversham and elsewhere in Kent is often a confrontational experience. Put another way, when it comes to conveyancing there exists lots of opportunity for friction between you and others involved in the ownership transfer. E.g., the seller, selling agent and on occasion a bank. Appointing a solicitor for your conveyancing in Faversham an important selection as your conveyancer is your adviser, and is the ONLY party in the transaction whose responsibility is to look after your best interests and to protect you.
Sometimes a third party with a vested interest will attempt to persuade you that you should follow their advice. As an example, the estate agent may claim to be helping by suggesting your lawyer is wrong. Or your financial adviser may advise you to do take action that is contrary to your lawyers recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
We just had an offer accepted to purchase with Darlington Building Society. We have called around locally yet am struggling to find a Faversham conveyancing firm on the Darlington Building Society approved list. Can you assist?
You should take advantage of the search tool on this page. Pick the lender and type Faversham or your preferred area and you will discover numerous solicitors based in Faversham or nearest you.
I am purchasing a property and the solicitor has raised the issue of Chancel Repair to which the property could be obligated to pay given it’s proximity to the area of such a church. He has suggested insurance. Is this really warranted for conveyancing in Faversham
Unless a prior acquisition of the premises completed after 12 October 2013 you can expect lawyers delivering conveyancing in Faversham to continue to suggest a chancel search and or chancel repair liability policy.
It has been 4 months following my purchase conveyancing in Faversham concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 premises 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'm refinancing my primary house to a buy to let loan with Bank of Ireland and intend to use the remaining equity towards further property. The neighborhood we are interested in is Faversham. Will your lawyers be able to act for the two banks and link together the conveyances?
Make use of our comparison tool on this site to be sure that the lawyers are on the relevant lender panels. Having checked that they are your lawyer will be able to tie up the two deals but you should talk with you lawyer and make apparent your desired outcome and requirements.
I am tempted by the attractive purchase price for a two apartments in Faversham both have about fifty years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Faversham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Faversham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a basement flat in Faversham, conveyancing formalities finalised 7 years ago. 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 properties in Faversham with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2078
With just 53 years left to run we estimate the premium for your lease extension to range between £27,600 and £31,800 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 in the absence of detailed due diligence. Do not use the figures 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. Neither should you move forward based on this information without first seeking the advice of a professional.