My husband and I are buying a newly constructed duplex in Meopham and my lawyer is advising me that she has to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and I don't want to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. 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 purchased a freehold residence in Meopham but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Meopham and has limited impact for conveyancing in Meopham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Please help - my lawyer says that restrictive coveneant insurance is needed on my purchase. What is the level of cover for Meopham conveyancing?
The appropriate level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Barclays and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
We expect to receive a AIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Meopham solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Meopham solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
Coventry BS have agreed my home loan in principle, my bid on a flat in Meopham has been agreed to, what happens next?
Your property agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s panel). Contact Coventry BS or the broker and finish off any appropriate documentation. Coventry BS will appoint a valuer who will get in contact with the estate agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Coventry BS will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Meopham.
I am close to exchanging contracts on the sale of our house in Meopham and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A high street Meopham conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers used an internet conveyancing outfit rather than a conveyancing solicitor in Meopham. Having lived in Meopham for three years we know that this is a non issue. Do we contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You should check with 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)
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Meopham I like with amenity areas and station nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Meopham suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan that many years will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I am employed by a busy estate agency in Meopham where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Meopham conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
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 buyer.
Meopham Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
-
How much is the ground rent and service charge? The best form of lease arrangement is a share of the freehold. In this arrangement the tenants benefit from control and even though a managing agent is often employed where the building is bigger than a house conversion, the managing agent employed by the leaseholders.