I am purchasing a property mortgage free in Ely. I have resided for the last Seventeen years in Ely. Conveyancing searches are exorbitant. Given that I have knowledge of the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a mortgage, then the vast majority of the Ely conveyancing searches are optional. Your lawyer will ’encourage you, no-doubt strongly, that you should have searches done, but he is duty bound to take that path of advice. One thing to bear in mind; if you are intend to dispose of the house in the future, it will be of importance to your prospective buyer what the searches contain. On occasion properties with functional issues can still throw up unfavourable search results. A good conveyancing solicitor in Ely will provide you some helpful advice here.
The Ely conveyancing lawyers that I recently instructed on my house acquisition in Ely have without warning closed. I only went with them because I had to have a lawyer on the UBS conveyancing panel and my family Ely lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the UBS 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 may be able to assist.
It has been 3 months following my purchase conveyancing in Ely concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Ely. 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Ely
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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
What makes a Ely lease unmortgageable?
Leasehold conveyancing in Ely is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I purchased a 1 bedroom flat in Ely, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Ely with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2079
With 60 years remaining on your lease we estimate the premium for your lease extension to range between £20,000 and £23,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.