I am getting a mortgage with Lloyds. My intention is to retain the legal services of a Licensed Conveyancer in Soham. Does the Lloyds Conveyancing panel include Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My partner and I are purchasing a newly constructed flat in Soham and my solicitor is advising me that she is duty bound to the mortgage company to disclose incentives from the developer. I am on a tight deadline to exchange and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company 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.
I understand that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a residence in Soham? or Apparently there is historic law that could mean that house owners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Soham?
Unless a previous acquisition of the property completed post 12 October 2013 you may expect conveyancing practitioners carrying out conveyancing in Soham to continue to propose a a chancel search and or insurance against a claim.
The estate agent has sent us the confirmation of our purchase of a new build flat in Soham. 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.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Soham
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
I have been on the look out for a ground for flat up to £305k and identified one close by in Soham I like with a park and transport links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Soham for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Soham. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Soham ?
Most houses in Soham are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Soham in which case you should be looking for a Soham conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.
Soham Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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Who are the managing agents? How long is the Lease? What is the maintenance charge and ground rent on the apartment?