It has come to my attention via my IFA that my New Milton lawyer is not on the bank Solicitor panel. What can I do to check?
The first thing you need to do is to contact your New Milton lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may be able to suggest a New Milton conveyancing firm that is on the conveyancing panel for your bank.
What will a local search tell me about the property we're purchasing in New Milton?
New Milton conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search plays an important role in many a New Milton conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search should supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I am purchasing a new build house in New Milton with the aid of help to buy. The builders refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not to tell my solicitor about this extras as it would adversely affect my mortgage with Yorkshire 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 have been on the look out for a ground for flat up to £305k and found one near me in New Milton I like with a park and station nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in New Milton for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan that many years will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I have been sourcing a conveyancing lawyer in New Milton for my home move. Is it possible to review a solicitor's complaints history with the legal regulator?
Members of the public may find published Solicitor Regulator Association (SRA) determinations arising from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator could recorded call for training reasons.
Can you provide any top tips for leasehold conveyancing in New Milton with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in New Milton can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers. Some New Milton leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (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 purchasers or their solicitors. If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing. If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Organising a duplicate share certificate can be a lengthy formality and frustrates many a New Milton conveyancing transaction. Where a duplicate share is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.
I purchased a 2 bed flat in New Milton, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in New Milton with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2085
With just 61 years left to run we estimate the price of your lease extension to range between £19,000 and £22,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously 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.