I have been told that property searches are a common reason for obstruction in Bury St Edmunds house deals. Is that correct?

The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Bury St Edmunds.

three months have elapsed since my purchase conveyancing in Bury St Edmunds concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

What does commercial conveyancing in Bury St Edmunds cover?

Bury St Edmunds conveyancing for business premises covers a broad array of advice, given by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350,000 flat in Bury St Edmunds next Tuesday. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Bury St Edmunds?

Bury St Edmunds conveyancing on leasehold maisonettes often necessitates the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are entitled to levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to sell the property.

Bury St Edmunds Leasehold Conveyancing - Examples of Questions you should consider before Purchasing

How many of the leaseholders are in arrears for their service charge payments? You should be aware that where the lease has less than 80 years it will have adverse implications on the value of the property. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would need to own the residence for 24 months in order to be legally able to exercise a lease extension. How is the lease structured?

Our offer on property in Bury St Edmunds has been accepted, but there is a chain. The sellers have submitted an offer on somewhere, but it’s not yet tied up, and are looking at other flats in the pipeline. I have selected a nearby conveyancing solicitor in Bury St Edmunds. What do I do now? At what point should I apply for the mortgage with Nationwide?

It is normal to have apprehensions where there is a chain given your reluctance to incur expenses too early (home loan application is approx one thousand pounds, then survey, Bury St Edmunds conveyancing search fees, etc). The first thing to do is ensure that your conveyancer is on the Nationwide conveyancing panel. As to the subsequent steps this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. In a hot market the majority of buyers would apply for a home loan with Nationwide and arrange for the survey and only if it comes back ok would they ask their solicitor to move forward with searches.