My wife and I have recently appointed a conveyancing solicitor in Stowmarket. I I would like to check whether they are on the Halifax approved list of lawyers. Can you or the lender confirm if they are on the panel?

The first thing to do is e-mail the solicitor and ask them whether they are on the lender panel. Otherwise please call Halifax who may be able to help.

How does conveyancing in Stowmarket differ for new build properties?

Most buyers of new build or newly converted property in Stowmarket approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Stowmarket tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stowmarket or who has acted in the same development.

Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Stowmarket I like with a park and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Stowmarket in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?

If you need a mortgage that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.

My business partner and I are planning to take an assignment of a lease of a shop on the high street. Can you recommend lawyers offering no-sale-no costs for commercial conveyancing in Stowmarket for less than 2k?

We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Stowmarket, including the sale and purchase of businesses as well as simply property. Whether you are looking to buy or sell a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right lawyer. As for the charges this will depend on the structure and nuances of the proposed transaction. Please provide us with your contact information or telephone us so that we can provide you with a fixed commercial conveyancing calculation.

In relation to leasehold conveyancing in Stowmarket what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Stowmarket. Most leases are unique and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

Clauses dealing with recovering service charges for expenditure on the building or common parts.

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

Stowmarket Leasehold Conveyancing - Sample of Queries Prior to Purchasing

What is the the remaining lease term? Are any of leasehold owners in arrears of their service charge liability? Its a good idea to find out as much as possible regarding the company managing the building as they can either make your living at the property much easier or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the tidiness of the communal areas. Enquire of prospective neighbours if they are happy with their management. On a final note, find out the dates that you are obliged pay the service charge to the relevant party and specifically what you get for your money.