Me and my partner are due to complete on the purchase of a house in Preston Park but as a consequence of damage from the recent storms I have was able negotiate reparation from the owner of £2k taking the form of a deduction in the price. This was going to be dealt with as part of a side agreement however Barclays will not agree to this. Should they have been involved?
The conveyancing practitioner being on a Barclays approved list is obliged to inform Barclays of any changes to the purchase price. If you prohibit your lawyer to report the reduction to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new conveyancing practitioner for your conveyancing in Preston Park.
My lawyer in Preston Park has never been on on the Yorkshire Building Society Conveyancing Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Yorkshire Building Society panel of approved conveyancing solicitors?
The limited options open to you here include:
- Carry on with your preferred Preston Park lawyers but Yorkshire Building Society will need to retain a lawyer on their list of acceptable firms. This will result in additional overall conveyancing fees and cause frustration.
- Choose an alternative solicitor to to deal with the conveyancing, obviously checking they are on the Yorkshire Building Society panel
Have just purchased a repossessed house at auction in Preston Park. Conveyancing is necessary. What is next?
Now that you have exchanged you should retain a conveyancing practitioner soon as you are facing a tight a drop dead date to complete the property. An auction property should have a bespoke auction pack. This will likely include evidence of title and search results. Where you are dealing with leasehold property the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You should give this to the conveyancer instructed by you ASAP. Do make sure that you have funds organised to complete the transaction on the set completion date.
Can I be sure that the Preston Park conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Preston Park seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer conducting your transaction.
I can not work out if my bank requires a lease extension. I have called my Preston Park building society branch on various occasions and was told they are content with the situation and they will lend. My Preston Park conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancer is on the bank approved list, she or he must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying my first flat in Preston Park with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of extras instead. The house builders rep advised me not inform my solicitor about this extras as it will adversely affect my mortgage with Aldermore. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 am employed by a long established estate agency in Preston Park where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Preston Park conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
I invested in buying a 2 bed flat in Preston Park, conveyancing having been completed in 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Preston Park with a long lease are worth £260,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2098
With 75 years unexpired the likely cost is going to range between £8,600 and £9,800 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 are not able to provide the actual costs 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 additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.