I am need of leasehold conveyancing for a flat in a relatively new development (seven years old) in Fairfield. Almost all the flats are already sold. Do I need carry out the local searches as part of conveyancing in Fairfield?
You would be putting yourself at risk in refusing to carrying out Fairfield conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal requirement to have them, but we would absolutely advise in the strongest possible terms that you have them. If accelerating the process and driving down costs are primary concerns you should discuss with your solicitor about the viability of search insurance
We wanted to use a property lawyer in Fairfield for our house purchase. Our financial adviser informed us that our bank Virgin Money won't deal with them. Surely this is unduly restrictive?
Banks on the whole restrict either the category or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must not be a sole practitioner. In addition to restricting the type of firm, some have limited the amount of firms they use to represent them. Be aware that Virgin Money have no responsibility for the quality of advice provided by any member of Virgin Money Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there remains differing views about the level of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Fairfield only perform very few conveyances a year.
I am purchasing my first flat in Fairfield with a loan from Britannia. The builders would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not to tell my conveyancer about this side-deal as it would impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Fairfield is the location of the property. What do you suggest?
Flying freeholds in Fairfield are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fairfield you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fairfield 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 premises.
Having had my offer accepted I require leasehold conveyancing in Fairfield. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Fairfield - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a basement flat in Fairfield, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Fairfield with over 90 years remaining are worth £227,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2091
With just 72 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.