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Recently asked questions about conveyancing in Princes Risborough

My husband and I are getting closer to an exchange on a house in Princes Risborough and my mum and dad have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has not come from me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?

The conveyancing practitioner is obliged to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.

A relative suggested that where I am buying in Princes Risborough I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

This is a search is usually quoted for as part of the standard Princes Risborough conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Princes Risborough around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Princes Risborough Education with maps and statistics, Local Amenities and other useful data about Princes Risborough.

I am looking for a flat up to £235,500 and identified one round the corner in Princes Risborough I like with a park and transport links nearby, the downside is that it's only got 61 years on the lease. There is not much else in Princes Risborough suitable, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you require a home loan the shortness of the lease will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.

Should I go with a Princes Risborough conveyancing lawyer based in the location that I am purchasing? I have an old university friend who can conduct the legal formalities but they are based approximately 350miles drive away.

The primary upside of using a local Princes Risborough conveyancing practice is that you can attend the office to sign paperwork, present your ID and apply pressure on them where appropriate. Having local Princes Risborough know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were happy that should outweigh using an unknown Princes Risborough conveyancing lawyer just because they are based in the area.

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 subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Princes Risborough. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Princes Risborough ?

Most houses in Princes Risborough are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Princes Risborough so you should seriously consider looking for a Princes Risborough conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.

Princes Risborough Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying

    In the main the outlay for major works are not wrapped into the maintenance charges, although there some managing agents in Princes Risborough ask leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for major works. Where a Princes Risborough lease has fewer than 80 years it will impact the marketability of the apartment. Check with your bank that they are happy with residual term of the lease. A short lease means that you will probably need a lease extension sooner rather than later and it is worth finding out what this would cost. For most Princes Risboroughlease extensions you would need to own the property for 24 months before you are eligible to extend the lease. How many of the leaseholders are in arrears for their service charge payments?

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