I am buying a property mortgage free in Covent Garden. I have lived for the last dozen years in Covent Garden. Conveyancing searches are a lot of money. As I know the road and vicinity intimately must I have all the conveyancing searches?
Provided that you do not need a mortgage, then the vast majority of the Covent Garden conveyancing searches are optional. Your lawyer will 'advise', perhaps strongly, that you should have searches done, but he is duty bound to do this. Do take into account; if you are going to sell the house one day, it could be of interest to your prospective buyer what the searches disclose. On occasion houses with apparent issues can still show up unexpected search results. A competent conveyancing solicitor in Covent Garden should provide you some helpful guidance concerning this.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather appoint a specialised conveyancing solicitor in Covent Garden?
You should check but the chances are that allocate you one of their panel solicitors should you take up the "fee-free" deal. Speak to the mortgage company to determine if they allow a monetary alternative. Some banks have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Covent Garden.
I'm buying my first flat in Covent Garden benefiting from help to buy. The builders would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not to tell my lawyer about this side-deal as it would affect my mortgage with Clydesdale. 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.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Covent Garden I like with open areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Covent Garden for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Covent Garden. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Covent Garden ?
Most houses in Covent Garden are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Covent Garden in which case you should be shopping around for a Covent Garden conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
I am the registered owner of a garden flat in Covent Garden. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Most certainly. We are happy to put you in touch with a Covent Garden conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Covent Garden property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The unexpired term was 73.26 years.
Our offer on house in Covent Garden has been accepted, but there is a chain. The sellers have offered on somewhere, although it’s not yet tied up, and are looking at other apartments booked. I have chosen a nearby conveyancing solicitor in Covent Garden. What do I do now? At what point do I apply for the mortgage with RBS?
It is normal to have apprehensions where there is an associated chain given your reluctance to be too out of pocket too early (home loan application is in the region of one thousand pounds, then valuation, Covent Garden conveyancing search charges, etc). First, you should ensure that your conveyancer is on the RBS approved list. As to the subsequent steps this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market many home buyers would apply for a home loan with RBS and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to press on with the conveyancing in Covent Garden.