My wife and I are due to complete on the purchase of a property in Winterton but as a consequence of damage from the recent storms I have was able negotiate recompense from the seller in the sum of six thousand pounds in the form of a adjustment in the price. This was going to be addressed as part of a side agreement yet Coventry BS are not allowing this. Should they have been notified?
Your conveyancer being on a Coventry BS conveyancing panel is obliged to inform Coventry BS of any amendments to the purchase price. If you were to refuse your solicitor to notify the price change to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new property lawyer for your conveyancing in Winterton.
Finally the sale completed on my house in Winterton last June yet the purchaser is e-mailing me to moan that her lawyer needs to hear from mine. What should have happened following completion?
Following your sale your lawyer is committed to send the transfer documentation and all of the paperwork to the purchaser's lawyers. Where relevant, your solicitor should also evidence that the home loan has been redeemed to the buyers conveyancers. There are no post completion requirements peculiar conveyancing in Winterton.
What can a local search inform me concerning the property I am buying in Winterton?
Winterton conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Onsearch The local search is essential in every Winterton conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications applicable 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 areas.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Winterton is where the house is located. Is there any guidance you can impart?
Flying freeholds in Winterton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Winterton you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Winterton 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.
Do you have any advice for leasehold conveyancing in Winterton from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Winterton can be avoided where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. If you hold a share in a the freehold, you should make sure that you have the original share certificate. Organising a replacement share certificate is often a lengthy process and slows down many a Winterton conveyancing transaction. If a reissued share certificate is needed, you should approach the company officers or managing agents (if relevant) for this sooner rather than later. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over rather than ongoing. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Winterton leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such works. Should you fail to have the consents to hand you should not communicate with the landlord without checking with your solicitor first. A minority of Winterton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
I own a leasehold flat in Winterton, conveyancing formalities finalised February 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Winterton with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2075
With 51 years unexpired we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.