Have just purchased a repossessed house at auction in Ivybridge. Conveyancing is required. What are my next steps?
Now that you are for all intents and purposes signed on the dotted line you must instruct a conveyancing solicitor soon as you will have a fast approaching a fixed date to complete the property. All auction property will ordinarily have a corresponding legal pack. This will include most,if not all of the documents that your conveyancer requires. In the case of leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You need to pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in place to complete on the date specified in the contract.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a two bedroom flat in Ivybridge. Do I collect the keys to the property on completion from my solicitor? If this is the case, I will find a local conveyancing solicitor in Ivybridge?
On the day of completion you will not be required to go to the conveyancers office in Ivybridge. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you will be invited to receive the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
We previously chose solicitors with offices in Ivybridge on the Leeds Building Society solicitor approved list. They have just invoiced me a separate amount for dealing with the Leeds Building Society mortgage. Is this a supplemental conveyancing fee specified by Leeds Building Society?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your lawyer can charge a fee for this. This charge is not set by Leeds Building Society but by your Ivybridge conveyancer. Some firms on the Leeds Building Society panel will levy ’dealing with mortgage’ fee and others do not.
A friend suggested that if I am buying in Ivybridge I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Ivybridge conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Ivybridge around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ivybridge Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Ivybridge Education with maps and statistics, Local Amenities and other useful information concerning Ivybridge.
I'm buying my first flat in Ivybridge with a mortgage from Barclays . The sellers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my lawyer about the extras as it would jeopardize my loan with the lender. Is this normal?.
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.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Ivybridge is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ivybridge are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ivybridge you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ivybridge may determine 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.
I am employed by a long established estate agent office in Ivybridge where we have witnessed a few flat sales put at risk due to short leases. I have received conflicting advice from local Ivybridge conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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 buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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 acquired a 1st floor flat in Ivybridge, conveyancing formalities finalised April 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Ivybridge with over 90 years remaining are worth £260,000. The ground rent is £50 yearly. The lease expires on 21st October 2095
With only 75 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.