I am buying a brand new duplex in The Meadows and my conveyancer is advising me that she is duty bound to the bank to disclose incentives from the developer. I am on a tight deadline to exchange contracts and I would rather not prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender 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.
Me and my brother purchased a terraced Edwardian house in The Meadows. Conveyancing lawyer acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in The Meadows and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing lawyer who conducted the purchase.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. The Meadows is where the house is located. Can you offer any assistance?
Flying freeholds in The Meadows are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in The Meadows you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in The Meadows 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 premises.
I'm remortgaging my primary property to a buy to let loan with Alliance & Leicester and I will use the ballance of the raised equity as a deposit on a second house. The neighborhood we are looking at is The Meadows. Will your solicitors be able to act for the two banks and tie in the transactions?
Make use of our search tool on this page to check that the solicitors are on the relevant lender panels. Having checked that they are the conveyancer should be able to tie up the two transactions but you should talk with you lawyer and make apparent your desired outcome and requirements.
In searching the web for the phrase on line conveyancing in The Meadows it shows results of numerous conveyancerslocally. With so much choice what is the best way to find the suitable conveyancing solicitor for my move?
The preferential method of choosing a suitable conveyancer is via personal referral, so enquire of colleagues and those you trust who have acquired a property in The Meadows or a local estate agent or financial adviser. Fees for conveyancing in The Meadows vary, so it's a good idea to obtain at least four costs illustrations from different law firms. Make sure that you clarify that the charges are assured not to increase.
I am employed by a busy estate agency in The Meadows where we have witnessed a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local The Meadows conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can start 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. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
The Meadows Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
-
How many of the leaseholders are in arrears for their maintenance charge payments? What prohibitions are contained in the The Meadows Lease? For many The Meadows leaseholds the cost for major works tend not to be included within maintenance charges, albeit that there some managing agents in The Meadows require tenants to pay into a reserve fund and this is used to offset against major works.