My best friend’s brother is a conveyancing practitioner. I am hopeful that I'll be able to get friends and family pricing for conveyancing, but if not, what level of fees should I be paying for conveyancing in Needham Market?
You should contrast pricing. Make use of our search tool on this page. The charges seem to contrast greatly but service levels do are distinct between solicitors as is the case with most professions.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Needham Market so that I can attend their offices if required.
As opposed to 12 years ago, the vast majority lenders no longer oblige their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to hand over identification documents and there are still manifest advantages to using a local ayer, in your situation a conveyancing solicitor in Needham Market.
Me and my brother own a semi-detached Victorian property in Needham Market. Conveyancing lawyer represented me and Platform Home Loans Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Platform Home Loans Ltd to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Needham Market and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing solicitor who carried out the work.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Needham Market. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Needham Market
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I am attracted to a two apartments in Needham Market which have in the region of 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Needham Market is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and banks, 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 property 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 property 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 Needham Market conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.
I am the registered owner of a split level flat in Needham Market, conveyancing having been completed July 2000. Can you work out an approximate cost of a lease extension? Similar flats in Needham Market with an extended lease are worth £265,000. The ground rent is £50 per annum. The lease runs out on 21st October 2101
You have 75 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. 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 move forward placing reliance on this information before getting professional advice.
My 20yr old son is embarking on her first house purchase, he had his mortgage in principle. After the seller agreed the offer on the flat we contacted the lender to progress the mortgage application. We were disappointed to hear that mortgage companies do not accept all solicitor, they need to be on their approved list, is this legal?
Banks tend to imposes restrictions either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Needham Market property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.