We are acquiring a brand new flat in Winkleigh and my conveyancer is telling me that she has to the lender to disclose incentives from the seller. The Estate Agents are hassling me to exchange contracts and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I are close to exchanging contracts on the sale of our house in Winkleigh and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Winkleigh lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a nationwide conveyancing practice as opposed to a conveyancing solicitor in Winkleigh. Having lived in Winkleigh for many years we know of no issue. Do we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I purchased a 4 bedroom Victorian property in Winkleigh. Conveyancing lawyer represented me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be 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 Winkleigh and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing solicitor who completed the work.
I have been on the look out for a flat up to £305k and identified one close by in Winkleigh I like with open areas and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Winkleigh suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
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Looking forward to complete next month on a ground floor flat in Winkleigh. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Winkleigh should include some of the following:
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Whether the lease restricts you from letting out the flat, or working from home Do you need to have carpet in the flat or are you allowed wood flooring? Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I am the registered owner of a basement flat in Winkleigh, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Winkleigh with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2096
With 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.