My friend suggested that if I am buying in Stony Stratford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Stony Stratford conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Stony Stratford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Stony Stratford.
How does conveyancing in Stony Stratford differ for newly converted properties?
Most buyers of new build or newly converted property in Stony Stratford approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Stony Stratford usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stony Stratford or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Stony Stratford I like with a park and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Stony Stratford suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
We're first time buyers - agreed a price, yet the agent informed us that the vendor will only proceed if we use their recommended solicitors as they want an ‘expedited deal’. We would rather use a family solicitor who is familiar with conveyancing in Stony Stratford
It is improbable the vendors are behind this. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is counter productive. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you are going to use your own,trusted Stony Stratford conveyancing lawyers - as opposed tothose that will earn the estate agent a referral fee or hit his conveyancing targets pre-set by senior management.
I am a negotiator for a busy estate agency in Stony Stratford where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Stony Stratford conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as 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. 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 simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Stony Stratford Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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This question is helpful as a) areas could result in problems in the block as the communal areas may start to deteriorate where services are not paid for b) if the tenants have a dispute with the running of the building you will need to know about it Is there a share of the freehold? The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the leaseholders have being in charge if their destiny and even though a managing agent is usually employed if it is bigger than a house conversion, the managing agent is directed by the tenants.
My 20yr old son is about to join the property ladder, the home loan was agreed last week in principle. One the seller agreed the offer on the flat we telephoned the building society to move forward with his. I was disappointed to discover that mortgage companies do not accept all property lawyer, they must be on their panel, is this legal?
Lenders normally restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Stony Stratford solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.