I require conveyancing for an apartment in a relatively new development (6 years old) in Braunstone. 95% of the appartments are already disposed of. Do I need carry out the neighbourhood searches as part of conveyancing in Braunstone?
A big part of the Braunstone conveyancing process is the conveyancing searches. There are a large number of companies who offer Braunstone conveyancing searches, as well direct from the local authority. These are generally termed personal search organisation due to them carrying out, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must secure their information from the local authoritative source.
I'm buying my first flat in Braunstone with a mortgage from Alliance & Leicester . The sellers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative advised me not disclose to my lawyer about this side-deal as it may affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I decided to have a survey done on a house in Braunstone ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies tend not issue a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Braunstone. Conveyancing will be smoother if you use a solicitor in Braunstone especially if they regularly deal with such properties in Braunstone.
In what way does the Landlord & Tenant Act 1954 affect my business offices in Braunstone and how can you help?
The 1954 Act affords a safeguard to business tenants, granting the a statutory right to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in Braunstone
I am tempted by the attractive purchase price for a couple of apartments in Braunstone both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Braunstone is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Braunstone conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a 2 bed flat in Braunstone, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Braunstone with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2083
With only 58 years remaining on your lease we estimate the price of your lease extension to range between £22,800 and £26,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Our lawyer in Braunstone has discovered a a legal deficiency with the lease for the flat we are buying in Braunstone. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Braunstone conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions must be adhered to by the bank conveyancing panel who has to balance acting for you and the lender