My wife and I have arranged the release of further funds on our mortgage from Bank of Ireland as we want to conduct renovations to our house in Woodside. Are we obliged to select a bricks and mortar Woodside solicitor on the Bank of Ireland conveyancing panel to deal with the paperwork?
Bank of Ireland don't usually instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
I am expecting a DIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Woodside solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Woodside solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I have finally had an offer on a flat in Woodside agreed to, but there is a chain. The owners have offered on on an apartment, but it’s not yet tied up, and are looking at other apartments in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Woodside. What should be my next step? At what point do I apply for the mortgage with Skipton?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then survey, Woodside conveyancing search charges, etc). The first course of action is to ensure that your conveyancer is on the Skipton approved list. Regarding the subsequent steps this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. In a buoyant market some buyers will apply for the mortgage with Skipton and arrange for the valuation and only if it comes back ok would they pay their conveyancer to proceed with the conveyancing in Woodside.
I am buying a new build flat in Woodside. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Woodside
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking for a flat up to £305k and identified one near me in Woodside I like with a park and railway links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Woodside for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may request that they 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 concerning this.
Hoping to buy a property located in Woodside and I am already nervous. I couldn't find anything specific about Woodside. Conveyancing will be needed in due course but do you know about the Woodside area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Woodside. In the meantime here are some basic statistics that we found
My uncle has suggested that I use his conveyancing solicitors in Woodside. Should I use them?
There are no two ways about it the ideal way to choose a conveyancing solicitor is to get recommendations from friends or family who have actually experience in using the conveyancer you're considering.
I am attracted to a couple of flats in Woodside which have approximately fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Woodside is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Woodside conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Woodside conveyancing firm to represent me?
Most definitely. We are happy to put you in touch with a Woodside conveyancing firm who can help.
An example of a Lease Extension decision for a Woodside premises is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 69.46 years.