My husband and I are acquiring a new build flat in New Invention and my conveyancer is telling me that she has to the mortgage company to reveal incentives from the builder. I am under pressure to sign contracts and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My Conveyancer in New Invention has never been on on the Norwich and Peterborough Building Society Solicitor Panel. Is it possible for me to use my family solicitor notwithstanding that they are excluded from the Norwich and Peterborough Building Society panel?
The limited options available to you here include:
- Complete the purchase with your preferred New Invention lawyers but Norwich and Peterborough Building Society will need to instruct a lawyer on their panel. This will inevitably rack up the overall legal fees and cause delays.
- Get a new solicitor to act in the conveyancing, remembering to check they are Persuade your conveyancer to do everything within their powers to join the Norwich and Peterborough Building Society conveyancing panel
Are there restrictive covenants that are commonly identified during conveyancing in New Invention?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in New Invention. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £245,000 and identified one close by in New Invention I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in New Invention for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in New Invention. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in New Invention ?
The majority of houses in New Invention are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in New Invention so you should seriously consider shopping around for a New Invention conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
I invested in buying a 1 bedroom flat in New Invention, conveyancing was carried out April 1996. Can you please calculate a probable premium for a statutory lease extension? Similar flats in New Invention with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2087
With only 62 years unexpired the likely cost is going to range between £17,100 and £19,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.