I have given 8 weeks notice to my current landlord and must leave my rented flat in Lunt by the end of next month. Conveyancing on my purchase is progressing. Can I complete in 4 weeks as I wish to avoid having to move into temporary accommodation?
It is unwise to provide notice for your letting until exchange of contracts has taken place. Assuming that you have not already done so, notify to your conveyancer and ask them to they seek the assistance the owners solicitors, try to a target completion date that all parties will look towards
Do the Building Society Association intend to launch a online directory to list solicitors on the Melton Mowbray Building Society conveyancing panel for example in Lunt?
We would not expect to be advised of any intention on the part of the BSA to develop such a register.
It has been 3 months since my purchase conveyancing in Lunt took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £305k and identified one close by in Lunt I like with open areas and railway links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Lunt for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am employed by a long established estate agency in Lunt where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Lunt conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
Lunt Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
On the whole the cost for major works tend not to be included within maintenance charges, although there some managing agents in Lunt obliged leaseholders to pay into a sinking fund and this is used to offset against major works. Does the lease contain onerous restrictions?