We are a couple about to exchange contracts for a garden flat in Port Isaac. We encountered a stumbling block. Our mortgage offer with Alliance & Leicester expires on 9/3/2026 but the owners are insisting on a completion date of 11/3/2026. Is it possible to extend the mortgage offer?
The best person to deal with your concern is your lawyer who is in a position to determine whether he or she is corresponding with the bank, vendor’s representatives, property agents or conceivably all parties taking into account what has gone on in your transaction to date.
I own a freehold property in Port Isaac but nevertheless charged rent, why is this and what is this?
It is rare for properties in Port Isaac and has limited impact for conveyancing in Port Isaac but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Do the Building Society Association intend to launch a search tool with a view to to identify firms on the Earl Shilton BS conveyancing panel for example in Port Isaac?
Lexsure has not been advised of any plans on the part of the BSA to develop such a register.
Should commercial conveyancing searches disclose proposed roadworks that may affect a commercial land in Port Isaac?
Many commercial conveyancing solicitors in Port Isaac will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Port Isaac. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Port Isaac.
For every commercial conveyancing transaction in Port Isaac it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can result in delays to Port Isaac commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Port Isaac.
I am one month into a freehold purchase having been directed to a firm by the estate agent to execute conveyancing in Port Isaac. I am am starting to be disappointed with the quality of service. Can you help me find new conveyancers?
They would have to be very bad to suggest changing them. Has your mortgage offer been generated? If so you need to make them aware of the new contact details and ensure the mortgage documents are re-issued. Your conveyancer should be on the mortgage company approved list to avoid supplemental expenses and delays. So that should be your starting point. The find a solicitor tool can assist you in finding a lender approved lawyer for your conveyancing in Port Isaac
Last July I purchased a leasehold house in Port Isaac. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a leasehold flat in Port Isaac, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Port Isaac with an extended lease are worth £165,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2103
With only 77 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.