I am progressing with the sale of my flat in Rustington and the estate agent has just text me to advise that the purchasers are swapping solicitor. The reason given is that the bank will only deal with property lawyers on their approved list. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Rustington ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
My brother and I have recently bought a property in Rustington. We have since encountered a number of issues with the house which we suspect were omitted in the conveyancing searches. Is there anything we can do? What searches should? have been carried out as part of conveyancing in Rustington?
The query is vague as what problems have arisen and if they are relate to conveyancing in Rustington. 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, the vendor completes a document called a SPIF. If the information provided is incorrect, you could possibly take legal action against the vendor 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 Rustington.
It is 10 years ago since I purchased my home in Rustington. Conveyancing lawyers have now been appointed on the sale but I can't track down the deeds. Is this a major issue?
Don’t worry too much. Firstly the deeds may be retained by your mortgage company or they could be in the possession of the lawyers who handled the purchase. Secondly the likelihood is that the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Rustington relates to registered property but in the rare situation where your property is unregistered it is more of a problem but is resolvable.
I am looking for a flat up to £235,500 and identified one near me in Rustington I like with a park and station in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Rustington suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I am a sole trader hoping to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering competitive costs for commercial conveyancing in Rustington for below 2k?
We can recommend firms who have specialist knowledge of commercial conveyancing in Rustington, including the disposal and purchase of businesses as well as simply property. Whether you are looking to buy or lease a shop, pub, restaurant, office, retail premises or a whole business we will find you the right solicitor. Regarding the fees this will depend on the structure and heads of terms of the deal. Let us have your details or email so as to enable us to provide you with a detailed commercial conveyancing calculation.
I am looking at a two apartments in Rustington both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Rustington is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with less than 75 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 Rustington 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. 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 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.
Leasehold Conveyancing in Rustington - Sample of Queries Prior to buying
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How much is the ground rent and service charge? Make sure you investigate if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Rustington. If you love the apartmentin Rustington yet your cat can’t make the move with you then you have a very hard decision.