My partner and I are acquiring a brand new apartment in Hackenthorpe and my conveyancer is informing me that she has to the bank to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I would rather not prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Hackenthorpe so that I can pop in to their offices if necessary.
Nowadays conveyancing panel lawyers for banks undertake all of the work through the post, internet or over the phone. This enables them to conduct the conveyancing transaction no matter where you live in England or Wales. However you can check if you have the option of going to the offices of your conveyancing lawyer if you prefer.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Hackenthorpe is the location of the property. Is there any advice you can impart?
Flying freeholds in Hackenthorpe are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hackenthorpe you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hackenthorpe 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 residence.
How do I search for a Hackenthorpe law firm on the Barclays conveyancing panel? I drive a motor bike and am prepared to travel upto 20miles to meet the lawyer.
You can use the facility on this page. Please choose the lender and your location and you will see a number of Hackenthorpe conveyancing lawyers based on proximity. We have listed some Hackenthorpe conveyancing firms towards the end of this page and you can contact them to see if they are on the Barclays member panel
I am employed by a busy estate agent office in Hackenthorpe where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Hackenthorpe conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that 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 need not have to wait 2 years for a lease extension. 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.
Hackenthorpe Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
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Are any of leasehold owners in arrears of their service charge payments? It would be prudent to find out as much as you can concerning the company managing the building as they will either make living at the property much simpler or a lot more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the tidiness of the common parts. Enquire of prospective neighbours whether they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money.
I own a leasehold flat in Hackenthorpe. Conveyancing was completed in last year. I have heard that I mustn’t let the lease length get too low. Is this correct?
Hackenthorpe domestic long term leases are for a fixed term - normally 99 years when they commenced. However a significant appartments in Hackenthorpe were built or converted 25 or more years ago and so such leases now have fewer than 80 years remaining. That may sound like a long time however Banks, Building Societies and other mortgage companies generally need leases to have at least seventy five years remaining to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To optimize your property value you should be considering whether or not to extend your lease long before you come to sell it. Please note that there are significant benefits to taking action before the lease hits 80 years as when the lease falls below eighty years the amount to be paid to extend starts to increase.