Are there restrictive covenants that are commonly picked up during conveyancing in Allestree?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Allestree. 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 purchasing my first flat in Allestree with a mortgage from Barclays . The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not reveal to my solicitor about this extras as it will 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 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 am looking for a ground for flat up to £235,500 and found one near me in Allestree I like with open areas and transport links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Allestree for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
What tools are available to locate a Allestree solicitor on the Barclays Direct conveyancing panel? I am a keen cyclist and am willing to travel upto 10miles to meet the solicitor.
You can use the facility on this page. Please pick a lender and your location and you will see a number of Allestree conveyancing lawyers based on proximity. We have detailed some Allestree conveyancing firms at the bottom of this page and you can call them to see if they are on the Barclays Direct panel
Expecting to sign contracts shortly on a ground floor flat in Allestree. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Allestree should include some of the following:
Information as to the provision as set out in the lease to pay service charges - in relation to the building, and the wider rights a lessee has You should know if the lease allows you to alter or improve anything in the flat- you must know whether it applies to all alterations or just structural alteration, and whether licences for alterations is mandated necessary You should have a good understanding of the insurance obligations You must be told what is to be regarded as a Nuisance in the lease specifics of the parties to the lease, e.g. these could be the tennant, superior lessor, freeholder
Allestree Leasehold Conveyancing - A selection of Queries before Purchasing
On the whole the cost for major works are not built into the service charges, although some managing agents in Allestree ask leasehold owners to contribute towards a sinking fund created for the specific intention of establishing a fund for major works. Many Allestree leasehold apartments will be liable to pay a service charge for the upkeep of the building set by the landlord. Should you buy the flat you will have to pay this contribution, usually quarterly accross the year. This may vary from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met yearly, this is usually not a large amount, say around £25-£75 but you need to enquire as occasionally it can be prohibitively expensive. The best form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this arrangement the leaseholders enjoy control and although a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
When it comes to my conveyancing in Allestree should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Allestree conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.