The Yate conveyancing solicitors that just started acting on my house acquisition in Yate have suddenly closed. They were on acting for me because I had to have a firm on the TSB conveyancing panel and my family Yate lawyer was not. I cut them a cheque for two hundred pounds in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Yate I like with a park and station nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Yate suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Hoping to buy a property located in Yate and I am already nervous. I couldn't find anything specific about Yate. Conveyancing will be needed in due course but do you know about the Yate area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Yate. In the meantime here are some basic statistics that we found
I need to find a conveyancing solicitor for my conveyancing in Yate. I've stumble upon a web site which seems to have the ideal solution If it is possible to get all this stuff done via email that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a couple of apartments in Yate which have in the region of forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Yate is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a property 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 Yate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Leasehold Conveyancing in Yate - A selection of Questions you should consider Prior to buying
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What is the maintenance charge and ground rent on the flat? What is the name of the managing agents?
At long last our conveyancing in Yate is set to complete on Friday, but the owners I am buying off wants to vacate the next day at midday. Do I accept such a idea?
It is not possible to complete on a Saturday due to the bank systems are not operational.