I can't travel far from Market Bosworth. Is there a reason why all Market Bosworth property lawyers are not on all lender panels?
Even though it may seem unfair for lenders to restrict who can represent them, from the public’s or conveyancer’s standpoint, the the contrary view is that lending institutions are increasingly anxious and regard it vital to shield themselves against illegal activities. As a result of this concern banks have reduced their panel of approved conveyancing lawyers to a manageable size.
Is there a reason why leasehold purchase conveyancing in Market Bosworth is more expensive?
Market Bosworth leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
A friend pointed out to me me that in buying a property in Market Bosworth there may be a number of restrictions prohibiting external changes to a property. Is this right?
There are a number of properties in Market Bosworth which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Market Bosworth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My wife and I purchasing a victorian detached house in Market Bosworth. The intention is to carry out a loft conversion at the property.Will legal due diligence on the property include checks to determine if these alterations were previously refused?
Your conveyancer should check the deeds as conveyancing in Market Bosworth can on occasion reveal restrictions in the title documents which prevent certain alterations or need the permission of a 3rd party. Certain works require local authority planning permissions and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these things with a surveyor ahead of any purchase.
I recently had an offer agreed on a house in Market Bosworth. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. A few days later, the solicitor called me sheepishly admitting that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Market Bosworth is where the house is located. Is there any advice you can impart?
Flying freeholds in Market Bosworth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Market Bosworth you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Market Bosworth may ascertain 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.
I am tempted by the attractive purchase price for a couple of apartments in Market Bosworth both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Market Bosworth. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I purchased a leasehold flat in Market Bosworth, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Market Bosworth with a long lease are worth £176,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2070
With 50 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.