My wife and I are about to complete buying a property in Wisbech but as a consequence of damage from some water damage at the property I have managed to agree reparation from the seller in the sum of three thousand pounds in the form of a reduction in the price. I had intended this to be addressed as part of a side agreement however Principality will not permit this. Why were they approached?
Your conveyancer that is on a Principality conveyancing panel is duty bound to disclose to Principality of any changes to the purchase price. If you were to refuse your property lawyer to report the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new solicitor for your conveyancing in Wisbech.
We're in Wisbech, FTBs buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor 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.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial land in Wisbech?
Many commercial conveyancing solicitors in Wisbech will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Wisbech. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Wisbech.
For each commercial conveyancing transaction in Wisbech it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Wisbech commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Wisbech.
Due to the guidance of my in-laws I had a survey completed on a property in Wisbech before retaining solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some banks tend refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wisbech. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a two maisonettes in Wisbech both have in the region of 50 years remaining on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena.
I acquired a 1 bedroom flat in Wisbech, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Wisbech with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2089
With just 64 years left to run we estimate the price of your lease extension to range between £14,300 and £16,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I have appointed a Wisbech conveyancing solicitor for our house purchase (novice purchasers) and have noticed in the terms and conditions that they are not covered by the FCA. Should I be worried or is that the norm with solicitor?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are regulated by the Solicitors Regulation Authority, who set strict rules regulating monies deposited in their bank.