What happens if my lawyer’s firm is removed from the Principality Conveyancing panel ahead of completing my conveyancing in Woodborough?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
4 months have gone by since my purchase conveyancing in Woodborough concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Woodborough with a mortgage from Yorkshire Building Society. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my solicitor about this extras as it would affect my mortgage with Yorkshire Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Woodborough I like with open areas and transport links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Woodborough for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
We are 3 weeks into a residential purchase having been referred to solicitors by the estate agent to handle our conveyancing in Woodborough. I am am starting to be disappointed with the level of service. Can you help me find new lawyers?
A solicitor would have to be very bad in order to consider replacing them. Has your mortgage offer been issued? If so you need to advise them of the new contact details and get the offer are issued to the new lawyers. The conveyancer needs to be on the lenders panel to avoid supplemental expenses and frustration. So that should be your starting point. Our find a solicitor tool will assist you in finding a bank approved solicitor for your conveyancing in Woodborough
I am a negotiator for a reputable estate agent office in Woodborough where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Woodborough conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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.
Woodborough Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
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The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants enjoy control and notwithstanding that a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants. Can you inform me if there are any major works anticipated that will increase the maintenance fees? Does the lease have onerous restrictions?