I am soon to complete on the purchase of a property in Stowmarket but as a result of wreckage from some water damage at the property I have was able negotiate compensation from the current proprietors of six thousand pounds in the form of a adjustment in the price. This was going to be addressed as part of a side agreement yet Virgin Money are not allowing this. Why were they approached?
Your solicitor being on the Virgin Money approved list is duty bound to inform Virgin Money of any changes to the purchase price. If you prohibit your conveyancing practitioner to report the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancing practitioner for your conveyancing in Stowmarket.
Can you explain why leasehold purchase conveyancing in Stowmarket is more expensive?
Stowmarket leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I have an AIP. The bank mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather instruct a Stowmarket based conveyancing firm?
Do check but the the likelihood is that appoint one of their panel conveyancers should you want the "fee-free" offer. Speak to the bank and explore if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Stowmarket.
Just had an offer accepted on a new build apartment in Stowmarket. Conveyancing is a frightening process 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.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stowmarket
-
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Stowmarket is the location of the property. What do you suggest?
Flying freeholds in Stowmarket are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stowmarket you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stowmarket may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I today discovered that one of the directors of the firm undertaking the purchase conveyancing in Stowmarket is a relative of the owners that we are purchasing from. Is this permitted?
Provided there is no conflict of interest this should be fine. Where you are needing a mortgage then the lender may have a say as many mortgage companies have specific requirements on this. For example for Halifax as of 18/8/2025, the requirements read as follows :