The Lincoln conveyancing firm handling our Lincoln conveyancing has uncovered a discrepancy when comparing the information in the valuation survey and what is in the legal papers for the property. My lawyer has advised that he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Why do I have to pay up front for my conveyancing in Lincoln?
If you are buying a property in Lincoln your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the purchase price then this should be required shortly prior to exchange of contracts. The final balance that is needed should be transferred a couple of days prior to the day of completion.
How does conveyancing in Lincoln differ for new build properties?
Most buyers of new build residence in Lincoln contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Lincoln tend to buy the land, 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 conveyancers 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 Lincoln or who has acted in the same development.
What makes your site different to other online quote calculators for conveyancing in Lincoln?
At this site obtain a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Lincoln. Unlike many estate agents and many comparison sites we are not in the business of charging firms a commission if you instruct them for your conveyancing in Lincoln
I am tempted by the attractive purchase price for a two apartments in Lincoln which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Lincoln is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Lincoln conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a split level flat in Lincoln, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Lincoln with over 90 years remaining are worth £186,000. The ground rent is £55 yearly. The lease ends on 21st October 2071
With just 52 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.