About to place an offer on a leasehold apartment in Barnstaple. The property agents tell me that it is normal for flats in Barnstaple to have less than 75 years left on the lease. I am obtaining a mortgage with Virgin. Is this going to be a problem if the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/11/2018 the requirements read as follows :
I am assisting my step-mother sell her property in Barnstaple. Does the conveyancing solicitor arrange the energy assessment or it is for the seller to coordinate?
Following the demise of HIPs, energy performance certificates was retained a required part of moving property. An EPC must be to hand in advance of the property being marketed. It is not a task that lawyers ordinarily arrange. If you are instructing a Barnstaple conveyancing solicitor they might help arrange energy assessments due to their relationships with reputable local assessors
My stepmother pointed out to me me that in buying a property in Barnstaple there may be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of anumerous of properties in Barnstaple which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Barnstaple should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Barnstaple. One unusual aspect is that the roof has a solar panel. Barclays have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Barclays your lawyer must follow the formal instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Barclays. The CML Handbook sets out minimum conditions for solar panel roof-space leases, and lawyers are required to report to Barclays where a lease fails to comply with these requirements. The specifications relate to the installation of panels on properties countrywide and is not limited to Barnstaple.
I am downsizing from our house in Barnstaple and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A high street Barnstaple lawyer would know this is not the case. It does beg the question why the purchasers instructed a national conveyancing firm as opposed to a conveyancing solicitor in Barnstaple. We have lived in Barnstaple for three years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Can you provide any advice for leasehold conveyancing in Barnstaple with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Barnstaple can be reduced if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers’ lawyers. You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Barnstaple state that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such changes. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your conveyancer before hand. If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Organising a duplicate share certificate can be a time consuming process and slows down many a Barnstaple conveyancing transaction. Where a new share is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later. Many landlords or managing agents in Barnstaple charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Barnstaple.
I inherited a split level flat in Barnstaple, conveyancing was carried out 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Barnstaple with over 90 years remaining are worth £260,000. The ground rent is £45 per annum. The lease ceases on 21st October 2092
With just 74 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
Is it true that a Barnstaple conveyancing company taken to court by clients for not carrying out comprehensive conveyancing searches?
We are not aware of such a Barnstaple conveyancing matter but according to a recent report, a couple purchasing a home elsewhere in England successfully sued their lawyer as a consequence of development permission to erect a wind farm not being identified in conveyancing searches.
If you are buying in Barnstaple It is essential that your lawyer purchase all Barnstaple conveyancing searches needed making sure that you have relevant and up to date information ahead of buying a property.