My wife and I are soon to complete on the purchase of a property in Edith Weston but as a consequence of wreckage from a small fire at the property I have managed to agree recompense from the vendor of £3k taking the form of a deduction in the price. This was going to be addressed as part of a side agreement yet Principality will not agree to this. Should they have been notified?
Any lawyer that is on a Principality approved list is required to disclose to Principality of any amendments to the purchase price. If you prohibit your property lawyer to disclose the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new conveyancer for your conveyancing in Edith Weston.
Forgive me if this question is silly but I am wet behind the ears as FTB of a two bedroom flat in Edith Weston. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will use a local conveyancing solicitor in Edith Weston?
On the day of completion you will not be required to go to the conveyancers office in Edith Weston. Your solicitors will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you should be invited to receive the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.
I am the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Edith Weston. The Edith Weston property was put into my name in January. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be considered the same way as though I had purchased the house in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ 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 may be affected by that. How practical a view banks take of it, depend on the bank as this requirement is chiefly there to capture subsales or the quick reselling of property.
I am selling my house. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, UBS are being problematic. The Edith Weston solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a property in Edith Weston?
Unless a prior acquisition of the premises completed after 12 October 2013 you may assume that lawyers conducting conveyancing in Edith Weston to remain encouraging a chancel search and or insurance against a claim.
I am buying a new build house in Edith Weston with the aid of help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not disclose to my lawyer about the side-deal as it may put at risk my loan with the bank. 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.
Should I be suspicious about 3rd parties that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Edith Weston conveyancing company?
As is the case with many service providers, often input from relatives can be very helpful. Yet there are lots of parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may put forward conveyancers to use. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the endorsement. You are free to select your own lawyer. You need to be aware that the majority of mortgage providers specify a panel list of lawyers you have to use for the lender aspect of your conveyancing.
Can you provide any top tips for leasehold conveyancing in Edith Weston from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Edith Weston can be bypassed where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors. The majority of landlords or Management Companies in Edith Weston levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Edith Weston. If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing. You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Some Edith Weston leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
I bought a 1 bedroom flat in Edith Weston, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Edith Weston with a long lease are worth £206,000. The ground rent is £45 levied per year. The lease expires on 21st October 2092
With 66 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.