My wife and I are purchasing a newly built flat in Thame and my lawyer is telling me that she has to the lender to reveal incentives from the builder. I am under pressure to sign contracts and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Thame? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms and Conditions that you are required to sign should stipulate this. Your lender will also require certain documents to be checked. Where you are unwilling to provide ID verification documents, your conveyancer would not be able to act for you.
Should commercial conveyancing searches reveal proposed roadworks that could affect a commercial property in Thame?
Its becoming the norm that commercial conveyancing solicitors in Thame will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Thame. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Thame.
For each commercial conveyancing transaction in Thame it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Thame commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Thame.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Thame is the location of the property. Is there any guidance you can give?
Flying freeholds in Thame are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thame you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thame may decide 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 premises.
My husband and I are novice buyers - had an offer accepted, yet the estate agent has warned us that the seller will only issue a contract if we appoint the agent's chosen solicitors as they need a ‘quick sale’. We would rather use a high street conveyancer accustomed to conveyancing in Thame
We suspect that the owner is unaware of this request. Should the vendor desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is not the way to achieve this. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you will continue to use your own,trusted Thame conveyancing solicitors - not the ones that will earn the negotiator at the agency a introducer fee or meet his conveyancing figures set by corporate headquarters.
I am looking at a two maisonettes in Thame both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Thame is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Thame conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Thame Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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Does the lease include onerous restrictions? How much is the ground rent and service charge? This question is useful as a) areas may result in problems in the building as the communal areas may start to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to have complete disclosure