Me and my partner are about to complete buying a property in Thorne but as a consequence of wreckage from the recent storms I have managed to agree recompense from the seller in the sum of £3k in the form of a reduction in the price. I had intended this to be addressed as part of amending the contract however Virgin Money are not allowing this. Should they have been involved?
Any conveyancing practitioner that is on the Virgin Money approved list is duty bound to advise Virgin Money of any changes to the purchase price. If you were to refuse your conveyancing practitioner to disclose the price change 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 Thorne.
In looking at mumsnet.com for a conveyancing lawyer in Thorne, most post that I should use a CQS kitemarked lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to best practice conveyancing procedures through the scheme protocol the standard covers many firms who handle conveyancing in Thorne.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Thorne is the location of the property. Is there any guidance you can impart?
Flying freeholds in Thorne are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Thorne you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thorne may decide 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 premises.
I am looking into buying my first house which is in Thorne and I am already nervous. I couldn't find anything specific about Thorne. Conveyancing will be needed in due course but do you know about the Thorne area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Thorne. In the meantime here are some basic statistics that we found
I am a negotiator for a long established estate agent office in Thorne where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Thorne conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 purchased a basement flat in Thorne, conveyancing having been completed July 1999. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Thorne with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2101
With just 76 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.