My wife and I are due to exchange on the purchase of a property in Newmarket but as a result of damage from a small fire at the property I have managed to agree compensation from the owner of £3k taking the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process however Principality are not allowing this. Should they have been informed?
Any lawyer being on the Principality approved list is obliged to disclose to Principality of any variations to the sale price. If you were to refuse your property lawyer to notify the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new property lawyer for your conveyancing in Newmarket.
Why is leasehold purchase conveyancing in Newmarket is more expensive?
In summary, leasehold conveyancing in Newmarket and elsewhere usually warrants extra work compared to freehold transactions. This includes lease investigation, liaising with the landlord about the service of applicable notices, obtaining up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first granted.
It has been three months since my purchase conveyancing in Newmarket completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Newmarket is the location of the property. Is there any guidance you can give?
Flying freeholds in Newmarket are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newmarket you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newmarket may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In my capacity as executor for the will of my father I am disposing of a house in Monmouth but I am based in Newmarket. My conveyancer (based 200 miles awayrequires that I execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Newmarket who can attest this legal document for me?
strictly speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are Newmarket based
Are there frequently found problems that you come across in leases for Newmarket properties?
Leasehold conveyancing in Newmarket is not unique. All leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations Maintenance charge proportions which don’t add up to the correct percentage
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
I invested in buying a leasehold flat in Newmarket, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Newmarket with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2103
You have 77 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 plus costs.
The suggested premium range 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. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.