My husband and I are acquiring a new build apartment in Stowmarket and my solicitor is informing me that she has to the lender to disclose incentives from the developer. I am under pressure to sign contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. 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 am expecting a DIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Stowmarket solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Stowmarket solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
My wife and I are at the point of looking at apartments in Stowmarket and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Virgin Money.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are obtaining a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
I have paid off my mortgage with Skipton. I assume I don't need a Stowmarket solicitor on the Skipton panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
I require fast conveyancing in Stowmarket as I am under an ultimatum to sign on the dotted line within one month. Fortunately I do not require a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
As you are not taking a home loan you are at free not to do searches although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Stowmarket the following are instances of issues that can be revealed and adversely affect future mortgageability: Refused Planning Applications, Overdue Fees, Overdue Grants, Railway Schemes,...
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Stowmarket and how can you help?
The 1954 Act gives a safeguard to business tenants, granting the legal entitlement to apply to court for a new lease and continue in occupation when the lease comes to an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Stowmarket
My cousin has suggested that I use his conveyancers in Stowmarket. Should I choose my own conveyancer?
Much as we are happy to recommend a Stowmarket conveyancing lawyer the best way to select a conveyancing practitioner is to seek recommendations from friends or relatives who have experience in using the solicitor you're considering.
Having had my offer accepted I require leasehold conveyancing in Stowmarket. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and most are in Stowmarket - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a 2 bed flat in Stowmarket, conveyancing having been completed 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Stowmarket with over 90 years remaining are worth £265,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2102
With only 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.