I am soon to complete on the purchase of a property in Thatcham but as a result of damage from a small fire at the property I have managed to agree recompense from the seller of £3k in the form of a deduction in the price. I had intended this to be dealt with as part of a side agreement but Virgin Money will not permit this. Should they have been notified?
The property lawyer being on the Virgin Money conveyancing panel is required to inform Virgin Money of any variations to the sale price. If you prohibit your property lawyer 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 solicitor for your conveyancing in Thatcham.
The Thatcham conveyancing firm that I appointed last week on my house acquisition in Thatcham have without warning shut down. They were on acting for me because I had to have a lawyer on the Leeds Building Society conveyancing panel and my preferred Thatcham lawyer was not. I paid them 275 plus VAT on account. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
How does conveyancing in Thatcham differ for newly converted properties?
Most buyers of new build residence in Thatcham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Thatcham tend to 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 accustomed to new build conveyancing in Thatcham or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one close by in Thatcham I like with open areas and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Thatcham suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
My cousin has suggested that I instruct his conveyancers in Thatcham. Do I take his recommendation?
Much as we are happy to recommend a Thatcham conveyancing lawyer it’s preferable to find a conveyancing solicitor is to have recommendations from friends or family who have actually experience in using the firm that you are are thinking of instructing.
I am a negotiator for a long established estate agent office in Thatcham where we have experienced a number of flat sales derailed due to short leases. I have received conflicting advice from local Thatcham conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
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 need not have to wait 2 years for a lease extension. 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.
Alternatively, it may be possible 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.
Leasehold Conveyancing in Thatcham - A selection of Queries Prior to buying
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The answer will be useful as a) areas may cause problems in the building as the common areas may begin to deteriorate where maintenance are not paid for b) if the tenants have a dispute with the running of the building you will wish to know about it Is there a share of the freehold?