We are about to complete on the purchase of a house in Winterbourne but as a consequence of damage from a small fire at the property I have was able negotiate recompense from the current proprietors of three thousand pounds by way of a deduction in the price. This was going to be dealt with as part of a side agreement however Virgin Money are not allowing this. Should they have been notified?
Any conveyancing practitioner being on a Virgin Money approved list is duty bound to disclose to Virgin Money of any variations to the purchase price. If you prohibit your conveyancer to disclose the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancer for your conveyancing in Winterbourne.
I used Arc property Solicitors a few years past for my conveyancing in Winterbourne. I now require my papers but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Winterbourne of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Winterbourne differ for newly converted properties?
Most buyers of new build residence in Winterbourne contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Winterbourne typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Winterbourne or who has acted in the same development.
I am looking for a flat up to £305k and found one near me in Winterbourne I like with open areas and station nearby, however it only has 52 years on the lease. I can't really find anything else in Winterbourne in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage that many years will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Frank (my husband) and I may need to sub-let our Winterbourne ground floor flat temporarily due to taking a sabbatical. We instructed a Winterbourne conveyancing practice in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Winterbourne do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I am the registered owner of a 1st floor flat in Winterbourne, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Winterbourne with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2075
With only 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.