Me and my brother own a semi-detached Victorian house in Bromsgrove. Conveyancing lawyer acted for me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bromsgrove and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who conducted the purchase.
I am purchasing my first flat in Bromsgrove with a mortgage from Halifax. The builders would not budge the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not reveal to my solicitor about the deal as it will affect my mortgage with the lender. Is this normal?.
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.
I opted to have a survey completed on a house in Bromsgrove before instructing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks may not grant a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bromsgrove. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use the search tool to locate a conveyancing solicitor in Bromsgrove on the authorised to act for my bank?
First select a lender such as National Westminster Bank, Coventry Building Society or Aldermore then type in your preferred area for example Bromsgrove. Conveyancing firms in Bromsgrove and beyond will then be listed.
I am employed by a busy estate agent office in Bromsgrove where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Bromsgrove conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension process 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 can avoid having to wait 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 sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 1st floor flat in Bromsgrove, conveyancing formalities finalised December 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Bromsgrove with a long lease are worth £185,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2086
With 60 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt 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 placing reliance on this information without first getting professional advice.
I have been advised by various friends that it should take up to two months for Bromsgrove conveyancing to complete.This was a month ago. The draft contract was only received to my property lawyer yesterday so does the clock start running now?
You should treat with caution of any conveyancing practitioner guaranteeing fast completion times. Rather you should enquire about the average timeframe to complete Bromsgrove conveyancing transactions and if they are willing to move towards your proposed completion date for your conveyancing in Bromsgrove