My partner and I have lately acquired a house in Nether Edge. We have since encountered a number of issues with the property which we believe were missed in the conveyancing searches. What action can we take? What searches should? have been carried out as part of conveyancing in Nether Edge?
The query is not clear as to the nature of the problems and if they are relate to conveyancing in Nether Edge. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the process, a property owner answers a form referred to as a Seller’s Property Information Form. If the information ends up being incorrect, you could possibly take legal action against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Nether Edge.
Is it the case that all Nether Edge solicitors on the Aldermore conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Aldermore approved list of solicitors they would need to be overseen by the SRA. The majority of banks do permit licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
About to purchase maisonette in Nether Edge. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Nether Edge lawyer is on the Aldermore conveyancing panel.
UBS have agreed my mortgage in principle, my bid on a property in Nether Edge has been accepted, what are the next steps?
The property agent will need to know who your solicitors are (make sure the conveyancers are on the bank’s panel). Contact UBS or the financial adviser and complete any appropriate paperwork. UBS will sellect a valuer who will get in touch with the selling agent or vendor to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. UBS will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Nether Edge.
A colleague suggested that where I am buying in Nether Edge I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Nether Edge conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Nether Edge around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Nether Edge Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Nether Edge Education with maps and statistics, Local Amenities and other useful data concerning Nether Edge.
I'm purchasing a new build house in Nether Edge with a mortgage from Yorkshire Building Society. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my conveyancer about the extras as it may jeopardize my loan with the lender. Should I keep quiet?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Nether Edge before appointing lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some banks tend not grant a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Nether Edge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Nether Edge to see if the conveyancing costs will increase in light of this.
Are there frequently found defects that you witness in leases for Nether Edge properties?
There is nothing unique about leasehold conveyancing in Nether Edge. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I own a 1 bedroom flat in Nether Edge, conveyancing was carried out in 2009. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Nether Edge with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2105
You have 80 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.