We are due to exchange buying a house in Bude but as a result of wreckage from some water damage at the property I have was able negotiate recompense from the vendor in the sum of £3k taking the form of a reduction in the price. I had intended this to be addressed as part of amending the contract yet Santander will not agree to this. Should they have been informed?
Any conveyancer that is on a Santander approved list is required to inform Santander of any changes to the sale price. If you were to refuse your conveyancing practitioner to disclose the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancing practitioner for your conveyancing in Bude.
I am purchasing a new build house in Bude with a mortgage from Birmingham Midshires. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not inform my conveyancer about this side-deal as it will affect my loan with the lender. 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.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Bude I like with open areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Bude for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I was pointed in your direction by a few selling agents in Bude to select a property lawyer on your site. Is there a financial advantage for Estate Agents to promote your services rather than alternative conveyancing organisations?
We don’t offer any commission for sending work in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to retain a conveyancing solicitor for some conveyancing in Bude. I happened to chance upon a site which looks to be the perfect answer If there is a chance to get all this stuff done via web that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any top tips for leasehold conveyancing in Bude with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Bude can be avoided if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers’ solicitors. The majority of freeholders or managing agents in Bude charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Bude. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Bude leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord approving such changes. Where you fail to have the consents to hand do not communicate with the landlord without contacting your lawyer before hand.
Bude Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
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This information is helpful as a) areas could cause problems in the block as the common areas may start to deteriorate if services are not paid for b) if the leaseholders have a dispute with the running of the building you will want to know about it It would be prudent to investigate if there is anything that is prohibited in the lease. For instance it is very common in Bude leases that pets are not permitted in certain buildings in Bude. If you like the propertyin Bude but your dog is not allowed to live with you then you will be faced hard decision. What is the name of the managing agents?