Unfortunately I am unable to travel far from Hindley. Is there a reason why all Hindley conveyancers are not on all lender panels?
Pre- 2008 most banks displayed an approach to risk which is different from today. The Financial Services Authority in 2010 conducted a thematic review into fraud which concluded: know the conveyancers on your panel. Consequently, banks have subsequently looked to extract more data from law firms about their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum volume of transactions the lenders insisted on.
My colleague advised me that if I am buying in Hindley I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Hindley conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Hindley around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Hindley Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding Hindley.
I'm purchasing a new build house in Hindley benefiting from help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not to tell my conveyancer about the side-deal as it would affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Hindley I like with amenity areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Hindley in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I have just started marketing my ground floor apartment in Hindley. Conveyancing is yet to be initiated, but I have just had a half-yearly maintenance charge demand – what should I do?
It best that you discharge the service charge as usual as all rents and service charges will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Hindley - A selection of Questions you should ask Prior to Purchasing
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Are any of leasehold owners in dispute over their service charge payments? Its a good idea to find out as much as you can about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the cleanliness of the common parts. You should not be shy to ask other people if they are happy with their management. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. Best to be warned whether window replacement or some other significant cost is pending to be shared between the leasehold owners and will dramatically impact the level of the service fees or require a one off invoice.
When it comes to my conveyancing in Hindley should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Hindley conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.