Me and my partner are soon to exchange on the purchase of a house in Kimbolton but as a consequence of wreckage from a small fire at the property I have managed to agree compensation from the current proprietors in the sum of £3k in the form of a deduction in the price. This was going to be dealt with as part of a side agreement yet Aldermore are not allowing this. Why were they informed?
Your lawyer being on the Aldermore approved list is required to inform Aldermore of any amendments to the purchase price. If you were to refuse your property lawyer to disclose the reduction to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new property lawyer for your conveyancing in Kimbolton.
I am considering applying for a Principality mortgage for purchase of a newly converted (under development) in Kimbolton with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
In theory, you could use a solicitor that is not on the Principality conveyancing panel, but Principality would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
What can a local search reveal regarding the property I am purchasing in Kimbolton?
Kimbolton conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search plays a central role in most Kimbolton conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
My husband and I are a fortnight into a freehold purchase having been directed to conveyancers by the high street agent to carry out the conveyancing in Kimbolton. I am not happy. Could you you assist me in finding new lawyers?
They would need to be very poor in order to consider diss instructing them. Has your loan offer been sent? In the event that it has you need to advise them of the new solicitor and ensure the mortgage documents are issued to the new lawyers. Your conveyancer should be on the lenders panel to avoid supplemental expenses and complications. That should be your starting point. The search tool can assist you in finding a lender approved solicitor for your conveyancing in Kimbolton
I work for a long established estate agent office in Kimbolton where we have experienced a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Kimbolton conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 inherited a split level flat in Kimbolton, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Kimbolton with over 90 years remaining are worth £176,000. The ground rent is £50 levied per year. The lease expires on 21st October 2104
With just 80 years unexpired we estimate the price of your lease extension to be between £7,600 and £8,800 as well as 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 the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously 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.