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Find a Stony Stratford Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Stony Stratford? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Stony Stratford transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Stony Stratford

We are close to exchanging contracts on the sale of our property in Stony Stratford and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local conveyancer would know this is not the case. It does beg the question why the purchasers are using a web based conveyancing outfit rather than a conveyancing solicitor in Stony Stratford. Having lived in Stony Stratford for 5 years we know of no issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.

It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)

I acquired my house on 6 April and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Stony Stratford expressed confidence that it would be registered in a couple of weeks. Are properties in Stony Stratford particularly slow to register?

There is nothing unique about conveyancing in Stony Stratford registration formalities. As opposed to being determined by geographic area, timescales can adjust depending on the party submitting the application, whether it is in order and if the Land registry have to notify any third parties. As of today approximately three quarters of such applications are fully dealt with within 12 days but some can be subject to longer delays. Registration occurs after the new owner is living at the premises so 'speed' is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.

I am buying my first flat in Stony Stratford with a mortgage from Leeds Building Society. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not reveal to my conveyancer about this extras as it would affect my loan with the lender. Is this normal?.

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 have been on the look out for a flat up to £245,000 and found one round the corner in Stony Stratford I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Stony Stratford for this price, so just wondered if I would be making a mistake purchasing a short lease?

Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.

In relation to leasehold conveyancing in Stony Stratford what are the most common lease problems?

Leasehold conveyancing in Stony Stratford is not unique. Most leases are drafted differently and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    A duty to insure the building Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

I own a 2 bed flat in Stony Stratford, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Stony Stratford with a long lease are worth £255,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2097

You have 73 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

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