Have just purchased a repossessed house at auction in Woodstock. Conveyancing is necessary. What is next?
Given that you are now to in every practical sense signed on the dotted line you should find a conveyancing lawyer soon as you will have a tight a fixed date to complete the transaction. An auction property will ordinarily have a bespoke auction set of papers. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You should hand this to the lawyer working for you ASAP. Do make sure that you have funds in place to complete on the on the contractual date .
My lawyer has informed me that missing deeds insurance is necessary on my purchase. What is the level of cover for Woodstock conveyancing?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Virgin Money. Conveyancing lawyers as opposed to members of the public take out such insurances.
Can I be sure that the Woodstock conveyancing solicitor on the Aldermore panel is any good?
When it comes to conveyancing in Woodstock obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer carrying out your transaction.
What does a local search reveal regarding the property we're purchasing in Woodstock?
Woodstock conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search is essential in every Woodstock conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I'm buying my first flat in Woodstock benefiting from help to buy. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not to tell my solicitor about the extras as it would impact my loan with the lender. 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.
Am I better off to use a Woodstock conveyancing practitioner in close proximity to the house I am hoping to buy? We have a good friend who can conduct the legal work however they are based 200miles drive away.
The primary upside of using a local Woodstock conveyancing practice is that you can attend the office to sign documents, present your ID and apply pressure on them where appropriate. Having local Woodstock know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and they were content that should outweigh using an unfamiliar Woodstock conveyancing solicitor just because they are based in the area.
I work for a reputable estate agent office in Woodstock where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Woodstock conveyancing solicitors. Can you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a studio flat in Woodstock, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Woodstock with over 90 years remaining are worth £176,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2098
With 80 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure 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 additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.