I am in a contract race with another buyer for a property in Dunston. What can I do to speed up matters?
In a situation where the seller is applying time constraints for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will benefit local connections and know-how. It is even conceivable that they would have conducted previousproperties in the same street. You would be best advised to use a Dunston conveyancing solicitor. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is estimated that 18% of Dunston conveyancing deals are delayed or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. This can often result in the transaction being held up by an average of three weeks. It is said that this issue impacts approximately one hundred thousand home moves every year. Almost all Dunston conveyancing practices can not act for certain mortgage companies so do check at the outset.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a property in Dunston? or Apparently there is historic law that means some house owners residing in a parish church boundary may be liable to contribute towards maintenance to the chancel within the church. Is this relevant for conveyancing in Dunston?
Unless a previous acquisition of the property completed after 12 October 2013 you can assume that conveyancing practitioners delivering conveyancing in Dunston to continue to propose a a chancel search and or chancel repair liability insurance.
I am purchasing my first flat in Dunston benefiting from help to buy. The sellers would not budge the price so I negotiated 6k of additionals instead. The property agent told me not reveal to my lawyer about this extras as it could put at risk my loan with the bank. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Dunston I like with open areas and station nearby, the downside is that it only has 51 years on the lease. There is not much else in Dunston for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Taking into account that I will soon part with £400,000 on a garden flat in Dunston I would like to talk to a solicitor concerning thehome move ahead of instructing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor who will be carrying out your property ownership legalities in Dunston.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter number. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Dunston should be the amount on the final invoice that you end up paying.
I've recently bought a leasehold property in Dunston. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Dunston Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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The majority of Dunston leasehold apartments will have a service bill for maintenance of the building set by the freeholder. Should you purchase the flat you will have to pay this liability, normally periodically accross the year. This can differ from several hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a rentcharge to be met yearly, normally this is not a large amount, say about £25-£75 but you need to check it because sometimes it could be prohibitively expensive. Please tell me if there are any major works in the near future that will likely increase the maintenance fees? Best to be warned whether a new roof is being installed or some other significant cost is coming up that will be shared amongst the leaseholders and will materially impact the level of the service charges or necessitate a one time invoice.