My husband and I are buying a flat in Woodthorpe. My Conveyancer is not on the mortgage company solicitor list. Am I still permitted to appoint my Woodthorpe conveyancing solicitor notwithstanding that they are not on the bank list of approved lawyers?
Various options include
- Carry on with your chosen Woodthorpe lawyer but your mortgage company will need to appoint a conveyancer on their approved list. The net result is additional charges together with likely interruption.
- Appoint a fresh conveyancing practitioner to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your property lawyer to pull out all the stops to get accepted on the mortgage company panel of solicitors
I am the registered owner of a freehold premises in Woodthorpe but still pay rent, why is this and what is this?
It’s unusual for properties in Woodthorpe and has limited impact for conveyancing in Woodthorpe but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Woodthorpe?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Woodthorpe. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Woodthorpe benefiting from help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not disclose to my conveyancer about this extras as it may put at risk my loan with the bank. Is this normal?.
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.
Should I appoint a Woodthorpe conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can deal with the conveyancing but her office is 400kilometers away.
The primary upside of using a local Woodthorpe conveyancing practice is that you can visit the firm to sign paperwork, hand in your ID and apply pressure on them if necessary. Having local Woodthorpe know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were happy that should outweigh using an unknown Woodthorpe conveyancing lawyer just because they are based in the area.
I am looking at a couple of flats in Woodthorpe both have approximately 50 years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Woodthorpe is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Woodthorpe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Woodthorpe Leasehold Conveyancing - Examples of Queries before Purchasing
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Is the freehold reversion owned jointly by the leaseholders? Be sure to discover if the the lease contains any unreasonable restrictions in the lease. For instance it is very common in Woodthorpe leases that pets are not allowed in certain buildings in Woodthorpe. If you like the propertyin Woodthorpe however your cat can’t make the move with you then you will be faced hard determination. On the whole the cost for major works are not wrapped into the service charges, although some managing agents in Woodthorpe require leasehold owners to pay into a reserve fund and this is used to offset against larger repairs or maintenance.