We are buying our first property. The solicitor has texted usto ask if we would like to take out extra conveyancing searches. As novices we have no idea as to what's appropriate for conveyancing in Bude
The range of Bude conveyancing searches should be dictated entirely on the property, the location, the likelihood of any of these risks, your familiarity of the area and risks, your overall attitude to risk. What matters is that you properly comprehend what information each search could give you. You may then decide if you personally think you need that information. Should you be in doubt, ask your property lawyer to advise.
I'm buying a new build house in Bude with a loan from Norwich and Peterborough Building Society. The sellers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not to tell my lawyer about the extras as it may impact my mortgage with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
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've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Bude is the location of the property. Can you offer any advice?
Flying freeholds in Bude are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bude you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bude may ascertain 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 property.
Are there any apps to assist me to locate a Bude law firm on the Barclays conveyancing panel? I have a car and am happy to travel upto 20miles to meet the solicitor.
Feel free to make use of the facility on this page. Please pick a lender and your location and you will see a number of Bude conveyancing lawyers based on proximity. We have listed some Bude conveyancing firms at the bottom of this page and you can ring them to check whether they are on the Barclays member panel
I am tempted by the attractive purchase price for a couple of apartments in Bude which have approximately 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Bude is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 Bude 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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 bought a ground floor flat in Bude, conveyancing was carried out 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Bude with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2077
With only 52 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
We have selected a Bude conveyancing solicitor for our house purchase (first time buyers) and have noticed in the terms and conditions that they are not covered by the FCA. Should I be worried or is that the norm with solicitor?
We can't see why they should be. Most property lawyer don't lend money. You should check that they are regulated by the Solicitors Regulation Authority, who dictate stringent laws regulating amounts held in their bank.