My wife and I are buying a brand new flat in Badminton and my solicitor is telling me that she has to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to exchange and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Me and my brother purchased a 4 bedroom Victorian house in Badminton. Conveyancing solicitor acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Clydesdale to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Badminton and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who conducted the purchase.
I decided to have a survey done on a house in Badminton prior to instructing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies may not grant a loan on this type of house.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Badminton. Conveyancing will be smoother if you use a solicitor in Badminton especially if they are acquainted with such properties in Badminton.
Taking into account that I am about to part with over three hundred thousand on a property in Badminton I would like to talk to a conveyancer regarding thehouse move ahead of appointing the firm. Can this be arranged?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you liaising with the conveyancer who will be doing your property ownership legalities in Badminton.There is no ‘factory style conveyancing’ - each client is unique individual, not a file number. The practices that we put you in touch with believe that the figure you are quoted for residential conveyancing in Badminton should be the amount on the final invoice that you are charged.
What makes a Badminton lease unacceptable for security purposes?
Leasehold conveyancing in Badminton is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the building A provision for the recovery of money spent for the benefit of another party.
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
Leasehold Conveyancing in Badminton - A selection of Questions you should ask Prior to buying
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Plenty Badminton leasehold properties will incur a service charge for the upkeep of the building invoiced by the landlord. Where you acquire the property you will have to pay this amount, normally periodically accross the year. This may differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a ground rent to be met yearly, this is usually not a exorbitant sum, say about £25-£75 but you should to enquire it because occasionally it could be many hundreds of pounds. In the main the cost for major works are not included within maintenance charges, although there some managing agents in Badminton obliged tenants to pay into a sinking fund and this is used to offset against larger repairs or maintenance. You should want to discover as much as possible about the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to day to day matters such as the tidiness of the common parts. You should not be afraid to ask prospective neighbours if they are happy with their management. On a final note, be sure you know the dates that the maintenance charges are due to the managing agents and specifically what you get for your money.
I'm buying a bungalow in Badminton. I can find my conveyancer's company on the CLC list, but I can't locate my conveyancer's name on the list. Should I be concerned?
Not all staff in the law firm must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.