I am acquiring a newly built apartment in Shrivenham and my conveyancer is informing me that she is duty bound to the mortgage company to reveal incentives from the developer. I am under pressure to sign contracts and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My Conveyancer in Shrivenham has never been on on the Nationwide Building Society Solicitor Panel. Is it possible for me to use my family solicitor notwithstanding that they are not on the Nationwide Building Society panel?
Your options are as follows:
- Complete the purchase with your preferred Shrivenham solicitors but Nationwide Building Society will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the total legal fees and result in delays.
- Choose an alternative lawyer to act in the conveyancing, remembering to check they are Nationwide Building Society approved.
- Try to convince your Nationwide Building Society based solicitor to try to join the Nationwide Building Society panel
I am buying a new build apartment in Shrivenham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Shrivenham
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Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants.
My husband and I are FTB’s - agreed a price, yet the selling agent has warned us that the vendor will only issue a contract if we appoint their preferred lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Shrivenham
It is highly unlikely the vendors are behind this. Should the vendor want ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Contact the owners directly and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Shrivenham conveyancing lawyers - not the ones that will earn the estate agent a referral fee or achieve conveyancing thresholds pre-set by head office.
I am employed by a busy estate agent office in Shrivenham where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Shrivenham conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a leasehold flat in Shrivenham, conveyancing was carried out March 2000. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Shrivenham with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2086
With 61 years unexpired the likely cost is going to be between £19,000 and £22,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you 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 issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
I acquired a house in Shrivenham last 23/10/2024 and to date it is still not registered with HMLR. It is part of a new estate and my lawyer told me that it may take one year to complete the registration formalities. I have called HMLR directly and they say that the initial application was cancelled due to questions not being addressed in time. Do I need to be concerned?
It is your conveyancing practitioner that you should turn to here in order to satisfy any concerns which have arisen as part of the registration process for your Shrivenham property. Normal Shrivenham conveyancing practice includes an undertaking on the part of the seller's conveyancing practitioner that they will assist in resolving any requirements raised by HMLR so it may be a case of seeking to enforce that undertaking in some way.