We are due to exchange on the purchase of a property in Langland but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the owner of three thousand pounds in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process but Bank of Ireland will not agree to this. Should they have been informed?
Any conveyancer being on a Bank of Ireland approved list is obliged to advise Bank of Ireland of any amendments to the sale price. If you were to refuse your solicitor to disclose the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new property lawyer for your conveyancing in Langland.
My friend suggested that if I am purchasing in Langland I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Langland conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Langland around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Langland Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Langland Education with maps and statistics, Local Amenities and other useful information concerning Langland.
How does conveyancing in Langland differ for new build properties?
Most buyers of new build premises in Langland come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Langland typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Langland or who has acted in the same development.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Langland. I have stumble across a web site which appears to be the perfect answer If there is a chance to get all formalities done via email that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I work for a reputable estate agent office in Langland where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Langland conveyancing firms. Could you clarify whether the seller of a flat can instigate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. 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 extend the lease informally by agreement with the landlord 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 buyer.
Langland Leasehold Conveyancing - Examples of Queries before buying
The majority of Langland leasehold properties will have a service charge for the upkeep of the block invoiced on behalf of the freeholder. Where you acquire the flat you will have to meet this charge, normally periodically throughout the year. This could be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent for you to pay annual, this is usually not a large sum, say approximately £25-£75 but you should to enquire as occasionally it can be prohibitively expensive. The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy being in charge if their destiny and although a managing agent is frequently retained if it is larger than a house conversion, the managing agent retained by the leaseholders.