We are purchasing a new build duplex in Walton on the Naze and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and my preference is not to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am about to put a bid on a leasehold property in Walton on the Naze. The estate agents advise that it is usual for flats in Walton on the Naze to have less than 75 years unexpired on the lease. I am getting a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has Seventy One years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/1/2023 the requirements read as follows :
I have todaybecome aware that Arc property Solicitors have been shut down. They conducted my conveyancing in Walton on the Naze for a purchase of a freehold house 10 months ago. How can I be sure that the property is registered correctly in the name of the former proprietor?
The quickest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Walton on the Naze conveyancing specialists.
Expecting to complete next month on a ground floor flat in Walton on the Naze. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Walton on the Naze should include some of the following:
Responsibility to repair and maintain the building. It is important for you to know which party is responsible the repair and maintenance of all parts of the block and estate Details of the parties to the lease, e.g. these could be the tennant, superior lessor, landlord Do you need to have carpet in the flat or are you allowed wood flooring? Does the lease prevent you from renting out the property, or having a home office for business
I bought a 2 bed flat in Walton on the Naze, conveyancing having been completed in 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Walton on the Naze with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease expires on 21st October 2080
With just 57 years unexpired we estimate the price of your lease extension to be between £28,500 and £33,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
I have today placed an offer on a leasehold flat in Walton on the Naze and the broker that we are dealing with recommended his lawyer. He quoted £800 plus VAT and 3rd party costs. Does this sound reasonable?
You should not rely on a single quote. One should seek like-for-like quotes for your conveyancing in Walton on the Naze. Then choose one that you are comfortable with and just as important, is on the approved panel of the lender that you have applied for a mortgage from.