It has come to my attention via my estate agent that my Plympton solicitor is not on the lender Solicitor panel. How can I check?
The best course of action for you to take is to call your Plympton conveyancer. You lawyer should notify you what has happened. If they are not on the panel they may be able to suggest a Plympton conveyancing practice that is on the approved list of lawyers for your lender.
When can the exchange of contracts take place for purchase conveyancing in Plympton and am I required to be at the lawyers office?
Where you are near to our conveyancing solicitors in Plympton you are welcome to attend to sign documents. That being said, the law practices we recommend provide a nationwide conveyancing service and provide as equally detailed and professional a job for you when communicating with you digitally. The executing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to address the formalities at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Plympton)to be in the office available at the end of the phone to exchange contracts.
My wife and I are downsizing from our house in Plympton and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the buyers instructed a national conveyancing firm as opposed to a conveyancing solicitor in Plympton. Having lived in Plympton for 4 years we know of no issue. Should we get in touch with our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. 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 life insurance to cover that same sickness)
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Plympton is where the house is located. Is there any advice you can give?
Flying freeholds in Plympton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Plympton you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plympton may ascertain 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 property.
I am tempted by the attractive purchase price for a two apartments in Plympton both have about 50 years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Plympton is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and banks, leases with less than eighty years become less and less attractive. 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 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 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 Plympton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 bought a basement flat in Plympton, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Plympton with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 2092
With just 67 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive 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 clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
Do online conveyancing organisations cover everything a high street Plympton solicitor does or do I still need to retain a solicitor for the final stages for my conveyancing in Plympton?
Where you instruct an online conveyancer they will undertake all the things your Plympton conveyancer will cover.