My partner and I are acquiring a newly constructed flat in Martlesham Heath and my solicitor is advising me that she is duty bound to the bank to disclose incentives from the developer. I am under pressure to exchange and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the only recipient of my late father’s estate with all property in now in my sole name, including the my former home in Martlesham Heath. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship may be regarded the same way as though I had purchased the house in September. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many banks would take a practical view as this obligation is primarily there to pick up on the purchase and immediately sell or the quick reselling of properties.
We had instructed conveyancing lawyers located in Martlesham Heath on the Clydesdale solicitor panel. They have just invoiced me an additional charge for the legal aspects of the Clydesdale mortgage. Is this a supplemental conveyancing fee set by Clydesdale?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer can charge a fee for this. The charge is not set by Clydesdale but by your Martlesham Heath solicitor. Numerous firms on the Clydesdale panel will charge ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
Planning on purchasing a house in Martlesham Heath. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Martlesham Heath property lawyer is on the Nottingham conveyancing panel.
I am intent on selling our property in Martlesham Heath and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A high street Martlesham Heath lawyer would know this is not the case. It does beg the question why the purchasers used a factory type conveyancing outfit rather than a conveyancing solicitor in Martlesham Heath. Having lived in Martlesham Heath for 4 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Are there restrictive covenants that are commonly identified as part of conveyancing in Martlesham Heath?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Martlesham Heath. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What advice can you give us when it comes to choosing a Martlesham Heath conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Martlesham Heath conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Martlesham Heath conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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How familiar is the practice with lease extension legislation? How many lease extensions has the firm carried out in Martlesham Heath in the last 12 months?
I acquired a leasehold flat in Martlesham Heath, conveyancing formalities finalised 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Martlesham Heath with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2095
With only 69 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as 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 due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Why do Martlesham Heath conveyancing costs differ for leasehold and freehold properties?
Leasehold conveyancing in Martlesham Heath can involve additional work including fully examining the lease, liaising with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.