My wife and I are buying a ground floor flat in Kingsdown. My Solicitor has never been on on the bank solicitor list. Is it possible for me to retain my Kingsdown conveyancing solicitor even though they are excluded from the mortgage company approved list?
You will need to appoint a solicitor to deal with the legal work required if you require a mortgage to purchase your property. They will conduct all the appropriate due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage documentation is in place. You could appoint a Kingsdown property lawyer of your choosing. Nevertheless, where the property lawyer selected is not on the bank solicitor panel supplemental fees will arise as separate legal representation will be required by them. Bank panel applications can be submitted, so provided your lawyer has not previously applied for membership they can do so.
A colleague recommended that where I am buying in Kingsdown 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 Kingsdown conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Kingsdown around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Kingsdown Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Kingsdown Education with maps and statistics, Local Amenities and other useful information concerning Kingsdown.
I'm buying a new build house in Kingsdown benefiting from help to buy. The developers would not move on the price so I negotiated 6k of additionals instead. The sale representative told me not disclose to my lawyer about the extras as it would put at risk my mortgage with Aldermore. 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.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Kingsdown I like with open areas and transport links in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Kingsdown in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Planning to sign contracts shortly on a leasehold property in Kingsdown. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kingsdown should include some of the following:
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Rent payments - what is payable and when you need to pay, and also know whether this is subject to change Are you allowed to have a pet in the flat? The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. specifics of the parties to the lease, e.g. these could be the tennant, head lessor, landlord
I invested in buying a basement flat in Kingsdown, conveyancing having been completed in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Kingsdown with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2097
With just 72 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
My partner is buying a shared ownership flat in Kingsdown. He was given a quote by the conveyancing practitioner connected to the estate agents and it came to £1385 . It was eight years ago since I sold and purchased a house and the bill was £500. Have costs really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Kingsdown searches, land registry fees, etc)