How up to date is your search tool for New Inn conveyancing solicitors on the Bank of Ireland conveyancing panel? Do Bank of Ireland send you an updated list?
New Inn conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
I am purchasing my first flat in New Inn with a loan from Chelsea Building Society. The builders would not move on the amount so I negotiated 6k of additionals instead. The house builders rep told me not reveal to my conveyancer about this extras as it would impact my mortgage with Chelsea Building Society. Should I keep quiet?.
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 am looking for a flat up to £305k and found one close by in New Inn I like with amenity areas and transport links nearby, however it only has 52 remaining years left on the lease. There is not much else in New Inn for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
We're novice buyers - had an offer accepted, but the estate agent told us that the vendor will only move forward if we appoint their chosen solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer who is accustomed to conveyancing in New Inn
We suspect that the owner is unaware of this demand. Should the owner desire ‘a quick sale', alienating a serious buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you will continue to appoint your own,trusted New Inn conveyancing solicitors - rather thanthe ones that will earn their estate agent a referral fee or meet his conveyancing thresholds pre-set by senior management.
Do you have any top tips for leasehold conveyancing in New Inn from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in New Inn can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Arranging a new share certificate is often a lengthy process and slows down many a New Inn home move. Where a duplicate share is required, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. The majority of landlords or managing agents in New Inn levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in New Inn. A minority of New Inn leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
I acquired a 1st floor flat in New Inn, conveyancing having been completed April 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in New Inn with over 90 years remaining are worth £260,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2099
With only 74 years unexpired the likely cost is going to be between £8,600 and £9,800 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 without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
I am an executor of my recently deceased parent's Will, with a bungalow in New Inn which will be marketed. The bungalow is unregistered at HMLR and I'm advised that many purchasers will insist that it is in place before they'll proceed. What's the mechanism for this?
In the situation you refer to it seems prudent to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.