The Feltwell conveyancing solicitors that just started acting on my house acquisition in Feltwell have suddenly closed. I chose them because I had to have a solicitor on the Virgin Money conveyancing panel and my previous Feltwell lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Virgin Money conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Have completed on a a terraced house in Feltwell , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Feltwell conveyancing solicitor has been very slow, so I want to be sure the registration is addressed.
As far as conveyancing in Feltwell registration is no faster or slower than the rest of England and Wales. Rather than based on location, timescales can adjust depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any third parties. As of today roughly 80% of submission are fully addressed in less than three weeks but occasionally there can be longer delays. Registration is effected after the new owner is living at the property therefore an expedited registration is not usually an essential issue yet where there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
I am purchasing a new build house in Feltwell with the aid of help to buy. The builders would not reduce the price so I negotiated 6k of extras instead. The house builders rep suggested that I not disclose to my solicitor about this side-deal as it will affect my mortgage with Barclays . Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Feltwell is the location of the property. Can you shed any light on this issue?
Flying freeholds in Feltwell are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Feltwell you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Feltwell may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Am I better off to instruct a Feltwell conveyancing practitioner who is local to the property I am buying? An old friend can perform the legal work but his firm is located 300miles away.
The primary upside of using a local Feltwell conveyancing practice is that you can visit the firm to execute paperwork, present your ID and apply pressure on them where appropriate. Having local Feltwell know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were impressed that should outweigh using an unfamiliar Feltwell conveyancing lawyer solely due to them being round the corner.
I am a negotiator for a reputable estate agent office in Feltwell where we have witnessed a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Feltwell conveyancing firms. Can you confirm whether the seller of a flat can initiate 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 proposed purchaser need not have 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 at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
I purchased a garden flat in Feltwell, conveyancing formalities finalised September 2012. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Feltwell with a long lease are worth £211,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2093
With just 68 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. 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 should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.