Is the fact that my solicitor in Needham Market is not on my bank's solicitor panel that there is a problem with the standard of her work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Needham Market conveyancing practice and ask them why they are no longer on the approved list for your bank.
My brother and I have recently bought a house in Needham Market. We have since encountered a number of issues with the house which we suspect were overlooked in the conveyancing searches. Is there anything we can do? What searches should? have been carried out for conveyancing in Needham Market?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Needham Market. Conveyancing searches and due diligence initiated as part of the legal transfer of property are designed to help avoid problems. As part of the process, a seller answers a form called a SPIF. If the information turns out to be incorrect, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Needham Market.
My relative recommended that if I am purchasing in Needham Market I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Needham Market conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Needham Market around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Needham Market.
About to purchase a new build apartment in Needham Market. Conveyancing is necessary evil 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 selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Needham Market
-
Please supply a car parking plan. 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. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
In relation to leasehold conveyancing in Needham Market what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Needham Market. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
-
A provision for the recovery of money spent for the benefit of another party. A provision to repair to or maintain elements of the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I acquired a 2 bed flat in Needham Market, conveyancing formalities finalised April 2012. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Needham Market with a long lease are worth £202,000. The ground rent is £60 invoiced annually. The lease expires on 21st October 2080
With only 56 years unexpired the likely cost is going to range between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Two months into purchasing a residence in Needham Market. Conveyancing solicitor has called to say the title is "Leasehold". Should this adversely affect our mortgage valuation?
Needham Market conveyancing does not in most situations involve leasehold houses. The key consideration here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability too much.
At the other extreme, if it's, say, 50 years it will have a material effect on the value, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be stated in the lease provided to your conveyancer.