As a first time buyer what is the most important advice you can impart concerning purchase conveyancing in Thetford?
You may not hear this from too many lawyers but conveyancing in Thetford and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is plenty of opportunity for friction between you and others involved in the legal transfer of property. E.g., the vendor, estate agent and sometimes the lender. Appointing a lawyer for your conveyancing in Thetford is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose role it is to act in your best interests and to protect you.
On occasion a potential adversary will try and sway you that you should follow their advice. For example, the estate agent may claim to be helping by claiming that your lawyer is slow. Or your mortgage broker may advise you to do take action that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
My friend advised me that where I am purchasing in Thetford I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Thetford conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Thetford around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Thetford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Thetford.
I am buying a new build apartment in Thetford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Thetford
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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. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I'm refinancing my existing house to a buy to let mortgage with Virgin Money and intend to use the remaining equity as a down payment on a second house. The neighborhood we are talking about is Thetford. Will your conveyancers be able to act for both sets of lenders and tie in the conveyances?
Do use our search tool on this page to ensure that the conveyancers are approved by both lenders. Having checked that they are the conveyancer will be able to tie up the two deals but you should have a chat with you lawyer and make apparent your expectations and needs.
We're new on the property ladder - agreed a price, yet the property agent informed us that the vendor will only go ahead if we appoint their preferred solicitors as they need an ‘expedited deal’. We would rather use a high street solicitor who is familiar with conveyancing in Thetford
We suspect that the owner is unaware of this request. Should the seller want ‘a quick sale', alienating a genuine purchaser is not the way to achieve this. Speak to the vendors direct and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you are going to use your own,trusted Thetford conveyancing lawyers - as opposed tothe ones that will provide their estate agent a kickback or achieve conveyancing figures set by corporate headquarters.
I work for a busy estate agent office in Thetford where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Thetford conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
I acquired a 1st floor flat in Thetford, conveyancing having been completed 7 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Thetford with over 90 years remaining are worth £201,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2090
With just 65 years unexpired we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures 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 want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.