Completed the sale of my flat in Long Melford last August yet the purchaser is calling me to say his lawyer is waiting to hear from mine. What are the post completion sale legalities now that I have sold?
Following your house sale your conveyancer is duty bound to send the transfer deeds and all supplemental paperwork to the buyer’s conveyancer. If applicable, your solicitor should also confirm that the home loan has been discharged to the purchasers conveyancers. There is unlikely to be post completion steps specific conveyancing in Long Melford.
We wanted to use a property lawyer in Long Melford for our home move. Our broker informed us that our mortgage lenders National Westminster Bank won't deal with them. Surely this is unduly restrictive?
A bank can require a panel conveyancer act for it. Borrowers are liable to bear the charges for this. Please make use of our tool to find a solicitor to conduct conveyancing in Long Melford on the National Westminster Bank member panel.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a house in Long Melford? or I am told that there is historic law that means some house owners living in a parish church boundary will be compelled to pay for maintenance to the chancel in proximity to the church. Is this relevant for conveyancing in Long Melford?
Unless a previous purchase of the property took place post 12 October 2013 you can take it that solicitors handling conveyancing in Long Melford to remain encouraging a chancel search and or chancel repair liability insurance.
Due to the guidance of my in-laws I had a survey completed on a house in Long Melford before instructing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some banks tend refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Long Melford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am employed by a reputable estate agent office in Long Melford where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Long Melford conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate 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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
I bought a studio flat in Long Melford, conveyancing was carried out 9 years ago. How much will my lease extension cost? Corresponding flats in Long Melford with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2088
With 63 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
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 due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Why can I not complete my conveyancing in Long Melford on Good Friday?
Because on completion the money needs to be transferred electronically between the banks of the buyer and owner’s conveyancer and at present this can only occur on a working day. So you can't complete on a weekend either.