We are due to exchange buying a property in Lynton but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the current proprietors in the sum of £3k taking the form of a deduction in the price. I had intended this to be addressed as part of a side agreement however TSB will not agree to this. Why were they notified?
Any solicitor being on the TSB approved list is required to advise TSB of any variations to the sale price. If you were to refuse your conveyancer to report the reduction to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new lawyer for your conveyancing in Lynton.
It has been five months since my purchase conveyancing in Lynton completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build apartment in Lynton. Conveyancing is necessary evil 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 conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Lynton
-
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. 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.
Due to the input of my in-laws I had a survey completed on a house in Lynton before retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some banks may not issue a loan on such a property.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lynton. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use your search facility to find a conveyancing practitioner in Lynton on the authorised to act for my lender?
First select a lender such as Santander, The Royal Bank of Scotland or Britannia then type in your preferred area for example Lynton. Conveyancing practices in Lynton and further afield should be listed.
I am attracted to a couple of maisonettes in Lynton which have approximately forty five years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Lynton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with under eighty 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 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 Lynton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Lynton Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
-
How many of the leaseholders are in arrears for their maintenance charge payments? Best to be warned whether changing the roof or some other major work is due in the near future to be shared between the leasehold owners and may well dramatically impact the level of the maintenance charges or necessitate a one time payment.