My wife and I are buying a property in Lowestoft. It might be a silly question but how we can trust a conveyancer? At some point we will need to send funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
This question may be naive but I am wet behind the ears as a first time buyer of a ground floor flat in Lowestoft. Do I receive the keys to the premises on completion from my lawyer? If so, I will instruct a local conveyancing solicitor in Lowestoft?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be called to receive the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
A friend informed me that in purchasing a property in Lowestoft there may be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
We are aware of a number of properties in Lowestoft which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Lowestoft should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Just acquired a detached house in Lowestoft , What is the estimated time for the Land Registry to record my title? My Lowestoft conveyancing solicitor works at snail pace, so I want to be certain the registration is concluded.
There is nothing unique about conveyancing in Lowestoft registration formalities. Rather than based on location, timescales can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any other persons or bodies. As of today roughly 80% of such applications are fully dealt with in less than three weeks but occasionally there can be extensive hold-ups. Historically registration takes place once the new owner has moved in to the premises thus post completion formalities is not typically top priority but if there is a degree of urgency associated with the registration then you or your solicitor must speak with the land registry and explain the circumstances.
I am purchasing my first flat in Lowestoft with a mortgage from Platform Home Loans Ltd. The sellers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not to tell my solicitor about the extras as it may jeopardize 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.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Lowestoft is the location of the property. What do you suggest?
Flying freeholds in Lowestoft are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lowestoft you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lowestoft 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 residence.
Are there frequently found problems that you encounter in leases for Lowestoft properties?
Leasehold conveyancing in Lowestoft is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a split level flat in Lowestoft, conveyancing was carried out May 2005. Can you work out an approximate cost of a lease extension? Comparable properties in Lowestoft with an extended lease are worth £176,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2069
With 50 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.