I am about to complete buying a house in Bletchley but as a consequence of wreckage from some water damage at the property I have managed to agree reparation from the vendor of £3k in the form of a reduction in the price. This was going to be dealt with as part of amending the contract however Nottingham are not allowing this. Should they have been approached?
Your solicitor that is on a Nottingham approved list is duty bound to inform Nottingham of any amendments to the purchase price. If you prohibit your solicitor to notify the price change to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new lawyer for your conveyancing in Bletchley.
Do I have to have a meeting at the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Bletchley so that I can attend their offices when needed.
As opposed to ten years ago, almost all banks no longer need their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to hand over identification documents and there are still manifest benefits to using a local solicitor, in your situation a conveyancing solicitor in Bletchley.
I need some quick conveyancing in Bletchley as I have a deadline to complete inside 4 weeks. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a mortgage free buyer you are at liberty not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Bletchley the following are examples of what can crop up and therefore impact market value: Enforcement Actions, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
I have been on the look out for a flat up to £235,500 and identified one close by in Bletchley I like with amenity areas and transport links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Bletchley for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I am employed by a reputable estate agency in Bletchley where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Bletchley conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as 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 simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Leasehold Conveyancing in Bletchley - Examples of Questions you should ask before Purchasing
It is important to be aware whether a new roof is being put on or some other major work is due shortly to be shared between the leasehold owners and may well materially increase the the maintenance costs or necessitate a one time payment. Please tell me if there are any major works in the near future that will likely add a premium to the maintenance charges? What restrictions are contained in the Bletchley Lease?