Some advice if I may. My Woodhouse Eaves lawyer is informing me me that she is duty bound toconduct Woodhouse Eaves conveyancing searches asthe firm are on the HSBCconveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Woodhouse Eaves conveyancing searches.
I have been told that property searches are a common reason for hinderance in Woodhouse Eaves conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Woodhouse Eaves.
Despite weeks of looking the Title Certificate and documents to our house are lost. The lawyers who did the conveyancing in Woodhouse Eaves 5 years ago are no longer around. What are my next steps?
You no longer need to hold title official documentation to establish that you are the registered proprietor of land or premises, given that the Land Registry have everything they need in a digital format.
I am purchasing a new build house in Woodhouse Eaves with a loan from National Westminster Bank. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not disclose to my lawyer about the side-deal as it may affect my mortgage with the bank. 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.
I have just appointed agents to market my garden flat in Woodhouse Eaves. Conveyancing is yet to be initiated, however I have recently received a yearly service charge invoice – what should I do?
It best that you clear the invoice as usual as all ground rent and service payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless 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.
I invested in buying a garden flat in Woodhouse Eaves, conveyancing was carried out August 2005. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Woodhouse Eaves with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2099
With 74 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
We are in the middle of purchasing a property in Woodhouse Eaves. Conveyancing solicitor has told us the property is "Leasehold". Will this likely make a difference on the salability of the property?
Woodhouse Eaves conveyancing does not in most situations involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it’s unlikely to affect the marketability significantly.
On the flip side, if it's, say, fifty five years it is bound to have a significant effect on the value, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be stated in the lease provided to your solicitor.