My wife and I are due to exchange on the purchase of a house in Coningsby but as a result of wreckage from the recent storms I have was able negotiate reparation from the seller in the sum of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but RBS are not allowing this. Should they have been approached?
Any lawyer being on a RBS approved list is obliged to inform RBS of any changes to the sale price. If you were to refuse your solicitor to disclose the reduction to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new solicitor for your conveyancing in Coningsby.
The Coningsby conveyancing firm that I recently instructed on my purchase in Coningsby have suddenly closed. They were on acting for me because I needed a firm on the Clydesdale conveyancing panel and my family Coningsby lawyer was not. I sent them a cheque for two hundred pounds in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. 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 Clydesdale 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 lawyers should be in a position to help.
I used Wolstenholmes a few years past for my conveyancing in Coningsby. I now require my file but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Coningsby of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a flat up to £195,000 and found one close by in Coningsby I like with a park and railway links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Coningsby in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
There are only 68 years left on my flat in Coningsby. I need to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. For most situations a specialist would be useful to try and locate and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Coningsby.
I inherited a leasehold flat in Coningsby, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Coningsby with a long lease are worth £222,000. The ground rent is £50 per annum. The lease runs out on 21st October 2089
With just 71 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.