Why is leasehold purchase conveyancing in Fenny Stratford costs more?
Fenny Stratford leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I'm the only beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Fenny Stratford. The Fenny Stratford property was put into my name in March. I plan to dispose of the house. I do know about the CML six month 'rule', meaning my proprietorship may be considered the same way as if I'd bought the house in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges 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 affected by that. How practical a view mortgage companies take of it, depend on the lender as this clause is chiefly there to capture subsales or the flipping of properties.
Can I be sure that the Fenny Stratford conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Fenny Stratford seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor handling your conveyancing.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Fenny Stratford building society branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Fenny Stratford conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. Who do I believe?
The lawyer must follow the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 left on the lease.
My friend recommended that if I am buying in Fenny Stratford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Fenny Stratford conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Fenny Stratford around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Fenny Stratford.
five months have elapsed since my purchase conveyancing in Fenny Stratford completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Fenny Stratford with a mortgage from National Westminster Bank. The developers would not reduce the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not reveal to my conveyancer about this side-deal as it may impact my mortgage with National Westminster Bank. Is this normal?.
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.
Due to the input of my in-laws I had a survey completed on a house in Fenny Stratford in advance of retaining solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some lenders will not grant a mortgage on a flying freehold home.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fenny Stratford. Conveyancing may be slightly more expensive based on your lender's requirements.