Me and my partner are soon to exchange on the purchase of a house in Blandford Forum but as a result of damage from some water damage at the property I have was able negotiate compensation from the owner in the sum of six thousand pounds by way of a adjustment in the price. I had intended this to be dealt with as part of amending the contract but Coventry BS are not allowing this. Should they have been approached?
The solicitor that is on a Coventry BS approved list is obliged to inform Coventry BS of any changes to the sale price. If you were to refuse your property lawyer to report the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new conveyancer for your conveyancing in Blandford Forum.
The Blandford Forum conveyancing lawyers that I appointed last week on my house acquisition in Blandford Forum have without warning closed. They were on acting for me because I needed a solicitor on the HSBC conveyancing panel and my previous Blandford Forum lawyer was not. I paid them funds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would 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 HSBC 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.
Are there restrictive covenants that are commonly picked up during conveyancing in Blandford Forum?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Blandford Forum. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build apartment in Blandford Forum. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Blandford Forum
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I am looking at a two flats in Blandford Forum both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Blandford Forum is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive 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 residence 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 Blandford Forum conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
I own a 1 bedroom flat in Blandford Forum, conveyancing having been completed July 2001. How much will my lease extension cost? Equivalent properties in Blandford Forum with an extended lease are worth £202,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2077
With only 56 years left to run we estimate the premium for your lease extension to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.