I'm the sole beneficiary of my late grandmother’s estate and I have everything in my name alone, including the my former home in Bubwith. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be considered the same way as though I had purchased the property in March. Do I have to wait 6 months to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view lenders take of it, depend on the mortgage company as this obligation is primarily there to pick up on subsales or the flipping of property.
Is it correct that all Bubwith CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I can not work out if my mortgage offer requires a lease extension. I have called into my local Bubwith bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Bubwith conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly identified during conveyancing in Bubwith?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Bubwith. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Bubwith with a loan from Nationwide Building Society. The sellers would not budge the price so I negotiated £7000 of additionals instead. The property agent told me not inform my lawyer about this side-deal as it would put at risk my loan with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Bubwith is where the house is located. What do you suggest?
Flying freeholds in Bubwith are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bubwith you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bubwith may determine 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 residence.
As co-executor for the will of my father I am disposing of a house in Cardiff but live in Bubwith. My lawyer (based 260 miles from meneeds me to execute a stat dec before the transaction finalising. Could you suggest a conveyancing lawyer in Bubwith who can witness this legal document for me?
strictly speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are Bubwith based
I am looking at a couple of flats in Bubwith which have in the region of 50 years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Bubwith. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
I own a 1 bedroom flat in Bubwith, conveyancing having been completed July 1997. Can you work out an approximate cost of a lease extension? Comparable properties in Bubwith with over 90 years remaining are worth £207,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease finishes on 21st October 2083
With just 58 years unexpired we estimate the premium for your lease extension to range between £26,600 and £30,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive 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 taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.