We are buying a new build apartment in Lytham and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the developer. I am on a tight deadline to exchange and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am buying a house and need a conveyancing solicitor in Lytham who is on the Bank of Scotland approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Scotland in certain locations such as Lytham. We dont recommend any particular firm.
Should our solicitor be raising enquiries concerning flooding during the conveyancing in Lytham.
Flooding is a growing risk for solicitors dealing with homes in Lytham. Some people will buy a property in Lytham, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, 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 impart advice on flood risk, however there are a numerous checks that may be carried out by the buyer or by their lawyers which can give them a better appreciation of the risks in Lytham. The conventional set of property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer may bring a legal claim for losses as a result of such an inaccurate reply. The buyer’s solicitors should also commission an environmental search. This will reveal whether there is any known flood risk. If so, more detailed inquiries should be conducted.
I have todaydiscovered that Arc property Solicitors have closed. They conducted my conveyancing in Lytham for a purchase of a leasehold apartment 12 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Lytham conveyancing specialists.
In scouring the internet for the term on line conveyancing in Lytham it brings up many solicitorsin the area. With so much choice what is the best way to find the suitable solicitor for the sale of my house?
The ideal way of choosing the right conveyancer is through a personal referral, so enquire of friends and family who have bought a property in Lytham or the respected estate agent or financial adviser. Fees for conveyancing in Lytham differ, so it's a good idea to request at least four quotes from different companies. Dont forget to clarify that the fees are fixed.
I am employed by a long established estate agent office in Lytham where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Lytham conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is 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 purchaser.
I purchased a 1 bedroom flat in Lytham, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Lytham with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2092
With 68 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 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 are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.