I need some expedited conveyancing in Fenny Stratford as I have an ultimatum to sign on the dotted line within 2 weeks. Thankfully I do not need a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are are a mortgage free purchaser you have the choice not to have searches carried out although no lawyer would recommend that you don't. With plenty of history conveyancing in Fenny Stratford the following are examples of what can crop up and therefore impact the marketability of the property: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
I'm buying my first flat in Fenny Stratford with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The property agent told me not to tell my conveyancer about this extras as it will put at risk my mortgage with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Fenny Stratford I like with open areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Fenny Stratford for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am a negotiator for a reputable estate agency in Fenny Stratford where we have experienced a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Fenny Stratford conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a garden flat in Fenny Stratford, conveyancing formalities finalised February 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Fenny Stratford with a long lease are worth £202,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2079
You have 57 years left to run we estimate the price of your lease extension to range between £28,500 and £33,000 plus 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 supply the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
The estate agent has recommended their conveyancer for our conveyancing in Fenny Stratford - Surely it’s easier to just instruct them?
You need to establish if the estate agent is recommending a lawyer or introducing to a conveyancing practitioner. There are plenty of Fenny Stratford selling agents who recommend two or three Fenny Stratford conveyancing firms and get nothing from it.