I am need of leasehold conveyancing for an apartment in a relatively new development (seven years built) in Stoke Sub Hamdon. The vast majority the appartments have already been occupied. Do I need carry out the conveyancing searches for my conveyancing in Stoke Sub Hamdon?
A big part of the Stoke Sub Hamdon conveyancing process is the conveyancing searches. There are a large number of companies delivering Stoke Sub Hamdon conveyancing searches, as well straight from the local authority. These are usually referred to as personal search companies due to them carrying out, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must obtain their data from the local authority.
We are getting the release of further monies on our mortgage from Nationwide as we intend to conduct a loft conversion to our house in Stoke Sub Hamdon. Do we need to choose a high street Stoke Sub Hamdon solicitor on the Nationwide conveyancing panel to deal with the paperwork?
Nationwide do not ordinarily instruct firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide panel.
I am buying a property in Stoke Sub Hamdon. A rare aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Coventry BS your lawyer must check the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Coventry BS where a lease fails to satisfy these specifications. The conditions relate to the installation of panels on properties countrywide and is not isolated to Stoke Sub Hamdon.
I can not fathom if my bank requires a lease extension. I have telephoned my Stoke Sub Hamdon building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Stoke Sub Hamdon conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
Your lawyer has to follow the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Just had an offer accepted on a new build apartment in Stoke Sub Hamdon. 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 conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stoke Sub Hamdon
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Stoke Sub Hamdon I like with open areas and station nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Stoke Sub Hamdon suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I work for a reputable estate agent office in Stoke Sub Hamdon where we have experienced a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Stoke Sub Hamdon conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
Stoke Sub Hamdon Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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The answer will be helpful as a) areas can cause problems in the building as the common areas may start to deteriorate if repairs remain unpaid b) if the leasehold owners have an issue with the running of the building you will wish to know about it It is important to be aware if fixing the lift or some other major work is due shortly to be shared between the tenants and could well dramatically increase the the service costs or result in a one off invoice. Are any of leasehold owners in dispute over their service charge payments?
When it comes to my conveyancing in Stoke Sub Hamdon should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Stoke Sub Hamdon conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.