I am expecting a mortgage offer from Lloyds. I would like to use a Licensed Conveyancer in Okehampton. Does the Lloyds Conveyancing panel include Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are planning to acquire a house and require a conveyancing solicitor in Okehampton who is on the Bank of Ireland approved panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Bank of Ireland . We don't recommend any particular firms conducting conveyancing in Okehampton.
We are buying a property and the conveyancer has identified Chancel Repair to which the house may be obligated to contribute to as it falls into the area of such a church. She has suggested insurance. Is this strictly required for conveyancing in Okehampton
Unless a previous purchase of the house took place after 12 October 2013 you may take it that solicitors conducting conveyancing in Okehampton to continue to advocate a chancel search and or chancel repair liability policy.
I have been on the look out for a ground for flat up to £305k and found one near me in Okehampton I like with amenity areas and railway links nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Okehampton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I work for a long established estate agent office in Okehampton where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Okehampton conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Leasehold Conveyancing in Okehampton - Sample of Queries before Purchasing
It is important to be aware if window replacement or some other significant cost is coming up that will be shared between the leaseholders and will materially increase the the maintenance costs or result in a specific payment. You should want to discover as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the common parts. Enquire of prospective neighbours if they are happy with their management. Finally, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending that money. It would be wise to enquire if there are any onerous restrictions in the lease. For example it is fairly common in Okehampton leases that pets are not permitted in in a block in Okehampton. If you love the flatin Okehampton however your dog is not allowed to move with you then you have a very difficult compromise.