Why is leasehold purchase conveyancing in St Neots costs more?
In short, leasehold conveyancing in St Neots and Cambridgeshire usually involve more work compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord about serving required notices, obtaining up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
I'm buying a new build house in St Neots with a mortgage from Alliance & Leicester . The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The estate agent told me not to tell my lawyer about this deal as it may put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. St Neots is where the house is located. Is there any guidance you can impart?
Flying freeholds in St Neots are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Neots you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Neots 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 looking at a two maisonettes in St Neots which have approximately forty five years left on the lease term. should I be concerned?
There are plenty of short leases in St Neots. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. For this reason it is often a good idea 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 properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area.
I purchased a 1 bedroom flat in St Neots, conveyancing having been completed 6 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 St Neots with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2086
With only 65 years remaining on your lease the likely cost is going to range between £13,300 and £15,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
I have just appointed agents to market my basement apartment in St Neots.Conveyancing is yet to be initiated however I have just received a quarterly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as you normally would as all ground rent and service payments will be apportionedon completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially