I am acquiring a property without a mortgage in Hillsborough. I have lived for the last 20 years in Hillsborough. Conveyancing searches are exorbitant. Given that I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the Hillsborough conveyancing searches are non-obligatory. Your lawyer will try and steer you, no-doubt strongly, that you should have searches done, but he is duty bound to do this. Do take into account; if you are likely to sell the house at a future date, it will likely be be of interest to your future purchaser what the searches disclose. There are plenty of instances where properties with functional issues can still throw up unpredicted search results. A good conveyancing solicitor in Hillsborough should be able to give you some sensible guidance here.
Do commercial conveyancing searches disclose proposed roadworks that may affect a commercial property in Hillsborough?
Its becoming the norm that commercial conveyancing solicitors in Hillsborough will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Hillsborough. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hillsborough.
For every commercial conveyancing transaction in Hillsborough it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to Hillsborough commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Hillsborough.
I am buying my first flat in Hillsborough benefiting from help to buy. The developers would not budge the amount so I negotiated 6k of additionals instead. The property agent suggested that I not to tell my solicitor about the side-deal as it could impact my loan with HSBC 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 advice of my in-laws I had a survey completed on a property in Hillsborough ahead of retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will not grant a loan on this type of property.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hillsborough. Conveyancing may be slightly more expensive based on your lender's requirements.
How does the Landlord & Tenant Act 1954 impact my business property in Hillsborough and how can you help?
The 1954 Act gives a safeguard to commercial tenants, granting the a statutory right to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Hillsborough is one of the numerous areas of the UK in which the firms we work with are located
Last October I purchased a leasehold house in Hillsborough. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a basement flat in Hillsborough, conveyancing formalities finalised in 1995. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Hillsborough with over 90 years remaining are worth £191,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2078
You have 53 years left to run the likely cost is going to span between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.