We are purchasing a newly constructed flat in Thurston and my conveyancer is informing me that she is duty bound to the mortgage company to disclose incentives from the developer. I am on a tight deadline to exchange contracts and I have no desire to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We're in Thurston, First timers purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I can see plenty of information on this site about conveyancing in Thurston but can you isolate your top tip for finding the right conveyancer in Thurston
It would be unwise to be seduced by the cheapest Thurston conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
We previously chose solicitors located in Thurston on the Kent Reliance solicitor panel. They are now charging me a further sum for dealing with the Kent Reliance mortgage. Is this an additional conveyancing fee specified by Kent Reliance?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your lawyer may levy a fee for this. The fee is not set by Kent Reliance but by your Thurston lawyer. Some firms on the Kent Reliance panel will charge ’dealing with mortgage’ fee and others do not.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Thurston building society branch on various occasions and was advised it wasn't an issue and they will lend. My Thurston conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the lawyer is on the lender approved list, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
A colleague advised me that if I am buying in Thurston I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually quoted for as part of the standard Thurston conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Thurston around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Thurston Education with plans and statistics, Local Amenities and other useful information about Thurston.
I am attracted to a couple of maisonettes in Thurston both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Thurston is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more positive 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 premises 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 Thurston 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.
I acquired a studio flat in Thurston, conveyancing was carried out August 2003. Can you work out an approximate cost of a lease extension? Equivalent properties in Thurston with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2096
You have 70 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
What range of conveyancing matters do Thurston conveyancing solicitors supply?
Most Thurston conveyancing companies manage to handle various services to residential and agricultural land proprietors, vendors, investors, freeholders and leaseholders helping outwith some of the following:
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House sale conveyancing in Thurston and across the country
Property purchase conveyancing in Thurston and nationwide
purchase, disposal and subdivision of land Land Registry applications (adverse possession, missing deeds) Advice on purchasing property as Tenants in Common Acquisition of Council property by way of the Right to Buy Scheme