My wife and I are due to complete on the purchase of a house in Dorset but as a result of damage from a small fire at the property I have managed to agree recompense from the vendor in the sum of six thousand pounds in the form of a adjustment in the price. I had intended this to be dealt with as part of amending the contract but Leeds Building Society will not permit this. Why were they approached?
Any conveyancer that is on the Leeds Building Society conveyancing panel is required to inform Leeds Building Society of any amendments to the purchase price. If you prohibit your lawyer to report the reduction to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancing practitioner for your conveyancing in Dorset.
Various internet forums that I have visited warn that are the main cause of hinderance in Dorset house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Dorset.
Is it best to choose a Dorset conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can execute the legal work however his firm is located over three hundred kilometers away.
The benefit of a high street Dorset conveyancing firm is that you can visit the firm to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Dorset know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and they were impressed that must surpass using an unknown Dorset conveyancing solicitor solely due to them being Dorset based.
I am attracted to a couple of apartments in Dorset both have in the region of fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Dorset is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat 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 premises 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 Dorset 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Dorset Leasehold Conveyancing - Examples of Queries before Purchasing
What is the name of the managing agents? It would be wise to enquire if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Dorset. If you like the flatin Dorset but your dog is not allowed to move with you then you have a very hard decision. What is the yearly service fee and ground rent?
What can I do to determine who is the owner of a house in Dorset?
On the basis that the premises is registered with HMLR, and you have the specifics of the address of the property, you should be able to view details from the HMLR of the recorded proprietor for a a minimal charge.