I have been told that property searches are the number one cause of obstruction in Chatteris conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Chatteris.
How does conveyancing in Chatteris differ for newly converted properties?
Most buyers of new build residence in Chatteris approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Chatteris usually buy 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 accustomed to new build conveyancing in Chatteris or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Chatteris is where the house is located. Is there any guidance you can give?
Flying freeholds in Chatteris are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chatteris you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chatteris may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am tempted by the attractive purchase price for a two apartments in Chatteris which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Chatteris. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I bought a garden flat in Chatteris, conveyancing was carried out April 2006. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Chatteris with an extended lease are worth £181,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2073
With 50 years unexpired we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Our property lawyer in Chatteris has informed me that he requires personal identification documents saying that this forms part of his retainer as a conveyancer on the mortgage company Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require Chatteris conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements