IfI were to buy a straightforward homein Henlow mortgage fee and dispense with a survey and no local authority searches how much should I expect to to save on my conveyancing in Henlow?
Any savings you would make would be isolated to the disbursement for searches. The property lawyer still be obliged to do everything else - money laundering, communicating with your sellers solicitor, SDLT submission, register the ownership etc. A slight saving might be made by not having to register a mortgage but it will not be significant.
I am purchasing a detached bungalow in Henlow. The intention is to an extension at the rear at the house.Will the conveyancing process include enquiries to determine if these works are allowed?
Your solicitor will check the registered title as conveyancing in Henlow can occasionally identify restrictions in the title documents which prevent categories of alterations or need the permission of a 3rd party. Some works require local authority planning consent and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.
Is there a list of Yorkshire BS panel conveyancers in Henlow on the Building Society Association’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings open the public online. Where you are in need of a Henlow conveyancing practitioner on the Yorkshire BS please use our facility.
The mortgage over my property is with Yorkshire BS for my property in Henlow. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention before letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel lawyer.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Henlow?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Henlow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Henlow with a loan from Aldermore. The builders would not reduce the price so I negotiated £7000 of extras instead. The sale representative told me not reveal to my lawyer about the deal as it would impact my mortgage with the lender. Is this normal?.
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 flat up to £305k and found one close by in Henlow I like with open areas and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Henlow 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 will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am employed by a long established estate agent office in Henlow where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Henlow conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 1 bedroom flat in Henlow, conveyancing having been completed in 2007. Can you work out an approximate cost of a lease extension? Corresponding flats in Henlow with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2081
You have 56 years unexpired the likely cost is going to be between £29,500 and £34,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.