My husband and I are purchasing a new build duplex in Harbury and my solicitor is advising me that she has to the bank to disclose incentives from the developer. I am nearing the developer’s deadline to exchange contracts and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
The Harbury conveyancing solicitors that I appointed last week on my purchase in Harbury have suddenly shut down. I only went with them because I needed a firm on the HSBC conveyancing panel and my preferred Harbury lawyer was not. I paid them money on account. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately 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 HSBC 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 lawyers may be able to assist.
I have recentlyfound out that Action Conveyancing have been shut down. They carried out my conveyancing in Harbury for a purchase of a leasehold apartment 10 months ago. How can I check that my home is not still registered in the name of the previous owner?
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 Harbury conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Harbury. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Harbury
-
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I opted to have a survey carried out on a property in Harbury prior to instructing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies will refuse to grant a loan on a flying freehold premises.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Harbury. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold flat in Harbury. Conveyancing and Bank of Ireland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Harbury who acted for me is not around. Any advice?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Harbury conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a ground floor flat in Harbury, conveyancing having been completed 9 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Harbury with a long lease are worth £180,000. The ground rent is £65 per annum. The lease ceases on 21st October 2084
You have 58 years unexpired the likely cost is going to span between £22,800 and £26,400 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.