My wife and I are buying a brand new duplex in Northampton and my solicitor is advising me that she has to the bank to reveal incentives from the seller. The Estate Agents are hassling me to exchange and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. 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.
Due to the input of my in-laws I had a survey completed on a house in Northampton prior to appointing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may not give a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Northampton. Conveyancing will be smoother if you use a solicitor in Northampton especially if they regularly deal with such properties in Northampton.
What is different about your site and other web based conveyancing brokers for conveyancing in Northampton?
At this site obtain a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Northampton. Unlike many estate agents and many comparison sites we are not in the business of charging firms a fee if you choose them for your property ownership legalities in Northampton
My step-father has recommend that I appoint his conveyancing solicitors in Northampton. Should I choose my own property lawyer?
There are no two ways about it the best way to select a conveyancing lawyer is to have recommendations from friends or family who have actually used the firm that you are contemplating using.
I am looking at a two maisonettes in Northampton which have approximately forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Northampton is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 Northampton 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 purchased a studio flat in Northampton, conveyancing having been completed March 1995. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Northampton with over 90 years remaining are worth £202,000. The ground rent is £60 charged once a year. The lease ceases on 21st October 2082
You have 56 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
I pay a service charge for my appartment in Northampton. As a result of poor financial planning I slipped behind with remittance. I negotiated a clearance schedule but there is still around £2000 due to be paid.
I now wish to sell and I am panicking this may jeopardize the sale if I have to discharge the arrears now. Do I have to settle before - is this viable?
Your solicitor should be in a position to negotiate with the management company, with a new to seeing if they would accept settlement from sale proceeds. This is indicative of why it might be good to choose a conveyancing practitioner in Northampton as they are likely to enjoy an established relationship with the parties.