We were just about to exchange contracts for a garden flat in Bungay. We encountered a snag. Our mortgage offer with Bank of Ireland expires on 15/4/2019 but the sellers are suggesting a completion date of 17/4/2019. Can one prolong the mortgage offer?
The person best placed to deal with your concern is your conveyancer who will hopefully determine whether he or she is should be discussing with the bank, seller’s solicitors, selling agents or possibly all three given what has gone on in your conveyancing as of today.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Bungay. 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.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Bungay
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared. 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. 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.
I have been on the look out for a flat up to £245,000 and identified one round the corner in Bungay I like with amenity areas and railway links nearby, however it only has 51 years on the lease. There is not much else in Bungay in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the expected 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 commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
My company is planning to take an assignment of a lease of a shop on a shopping parade. Can you recommend solicitors offering fixed fees for commercial conveyancing in Bungay for less than £2000?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Bungay, including the disposal and acquisition of businesses as well as simply property. If you are intending to buy or sell a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. Regarding the charges this will depend on the structure and heads of terms of the proposed transaction. Let us have your contact information or call us so that we can supply you with a detailed commercial conveyancing quote.
Looking forward to exchange soon on a leasehold property in Bungay. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bungay should include some of the following:
It needs to be made clear to you whether the lease permits you to change or upgrade aspects of the property- you must know whether it relates to all alterations or just structural alteration, and whether consent is required Does the lease prevent you from letting out the flat, or working from home Advice concerning the obligations as set out in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder enjoys Do you need to have carpet in the flat or are you allowed wood flooring? The length of the lease term. You should receive guidance as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
Bungay Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
Can you inform me if there are any major works anticipated that will add a premium to the maintenance fees? It would be prudent to find out if there are any onerous restrictions in the lease. For example it is fairly common in Bungay leases that pets are not allowed in in a block in Bungay. If you love the apartmentin Bungay however your cat can’t live with you then you will be faced difficult compromise. What is the length of the lease?