I require conveyancing for an apartment in a relatively new development (five years built) in Lewes. Almost all the properties are already sold. Is it strictly necessary to order conveyancing searches as part of conveyancing in Lewes?
You would be opening yourself up to an unnecessary risk in refusing to carrying out Lewes conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal requirement to have them, but we would seriously advise in no uncertain terms that your lawyer conducts them. If speed and price are primary concerns you should consider with your lawyer about the options such as lack of search insurance available to you
I had a mortgage agreed in principle with RBS. Lewes conveyancing lawyers have been selected. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS completed the valuation? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am buying a property in Lewes. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham be concerned?
Given that your lender is Nottingham your lawyer must comply with the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Nottingham where a lease fails to meet these provisions. The requirements relate to the installation of panels on properties nationwide and is not limited to Lewes.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Lewes solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lewes surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will my lawyer be raising enquiries about flooding during the conveyancing in Lewes.
Flooding is a growing risk for solicitors dealing with homes in Lewes. There are those who buy a property in Lewes, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a number of searches that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Lewes. The conventional set of completed inquiry forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the owner to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may issue a compensation claim resulting from an inaccurate reply. A buyer’s lawyers should also carry out an environmental search. This will reveal whether there is a recorded flood risk. If so, further investigations should be carried out.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Lewes is where the house is located. What do you suggest?
Flying freeholds in Lewes are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lewes you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lewes may ascertain 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.
I am tempted by the attractive purchase price for a two apartments in Lewes both have about fifty years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Lewes is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with less than 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 premises 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 premises 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 Lewes 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 acquired a 1st floor flat in Lewes, conveyancing having been completed July 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Lewes with an extended lease are worth £211,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2093
With only 67 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
My conveyancers in Lewes have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.