Why do I have to pay up front for conveyancing in Ruxley?
If you are buying a property in Ruxley your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the sale price then this should be required shortly prior to contracts are exchanged. The closing balance that is due should be sent to your lawyer a couple of days prior to the day of completion.
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Ruxley with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Various web forums that I have come across warn that are the main cause of delay in Ruxley conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Ruxley.
I'm buying a new build house in Ruxley benefiting from help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not inform my lawyer about the extras as it could adversely 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Ruxley I like with a park and transport links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Ruxley in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I've recently bought a leasehold property in Ruxley. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).
I inherited a ground floor flat in Ruxley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
You certainly can. We are happy to put you in touch with a Ruxley conveyancing firm who can help.
An example of a Lease Extension decision for a Ruxley flat is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.