At what point does exchange of contracts happen for domestic conveyancing in Lakenheath and am I required to be at the conveyancers office?
Where you are in close proximity to one of the conveyancing solicitors in Lakenheath you are invited in to sign contracts. However, the firms we recommend provide countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you electronically. The executing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Lakenheath)to be in the office at the appropriate time.
Can you clarify what the consequences are if my solicitor is removed from the Aldermore Solicitor panel ahead of completing my conveyancing in Lakenheath?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Various internet forums that I have visited warn that are the primary cause of hinderance in Lakenheath house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Lakenheath.
I purchased a renovated Edwardian house in Lakenheath. Conveyancing practitioner acted for me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lakenheath and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing solicitor who carried out the work.
I'm buying my first flat in Lakenheath with a mortgage from Coventry Building Society. The developers refused to budge the price so I negotiated 6k of extras instead. The property agent advised me not inform my lawyer about the extras as it will affect my loan with the lender. Should I keep quiet?.
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 have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Lakenheath I like with a park and railway links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Lakenheath in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.