I am need of leasehold conveyancing for a flat in a relatively new development (seven years old) in Lewes. The vast majority the properties have already been sold. Is it really necessary to order conveyancing searches for my conveyancing in Lewes?
You would be opening yourself up to an unnecessary risk in failing 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 without a mortgage there is no legal requirement to have them, but we would strongly advise in the strongest possible terms that you have them. If time pressures and cost are primary concerns you should discuss with your lawyer about the option of search insurance
We have a mortgage agreed in principle with Kent Reliance. Lewes conveyancing lawyers were appointed. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
There is no definitive answer here. Have Kent Reliance done the valuation? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am purchasing a property in Lewes. An unusual aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Kent Reliance your lawyer must follow the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Kent Reliance where a lease does not meet these provisions. The provisions relate to the installation of panels on properties countrywide and is not limited to Lewes.
I have instructed a Lewes property lawyer having checked that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander 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. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Lewes postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Lewes.
Will my solicitor be making enquiries concerning flooding during the conveyancing in Lewes.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Lewes. There are those who buy a house in Lewes, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a various checks that can be initiated by the purchaser or by their solicitors which should give them a better appreciation of the risks in Lewes. The conventional set of property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to find out if the property has ever been flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a buyer may issue a legal claim for losses as a result of such an misleading reply. The purchaser’s conveyancers should also commission an environmental report. This should reveal whether there is any known flood risk. If so, more detailed inquiries should be conducted.
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 was supposed to be a simple, chain free conveyancing. Lewes is the location of the property. Can you offer any guidance?
Flying freeholds in Lewes are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lewes you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lewes may determine 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 attracted to a two flats in Lewes which have about 50 years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Lewes is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive 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 a residence 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 the agreed 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 own a basement 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 flats in Lewes with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2093
With 67 years unexpired the likely cost is going to span between £10,500 and £12,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures 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. Neither should you take any other action based on this information before getting professional advice.
My solicitors 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 lender. 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 lender Conveyancing Panel Terms. It might be worth you contacting the bank directly.