I have justfound out that Action Conveyancing have closed. They carried out my conveyancing in Burwell for a purchase of a leasehold flat 10 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Burwell conveyancing specialists.
I am buying my first flat in Burwell benefiting from help to buy. The developers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not reveal to my conveyancer about this deal as it may impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 identified one round the corner in Burwell I like with a park and transport links nearby, however it only has 61 years on the lease. There is not much else in Burwell suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage that many years will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I have been advised by a couple of local property agents in Burwell to select a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to market your services ahead of another?
We don’t offer any commission for sending work to this site. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I work for a long established estate agent office in Burwell where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Burwell conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 proposed purchaser can avoid having 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 at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
I bought a split level flat in Burwell, conveyancing having been completed in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Burwell with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2102
With just 76 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
22 days into purchasing a property in Burwell. Conveyancing solicitor has told us the title is "Leasehold". Does this adversely affect our Halifax valuation?
Burwell conveyancing does not usually involve leasehold houses. The key factor here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the marketability too much.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a material effect on the saleability, and probably wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be stated in the lease to be supplied to your conveyancer.