We are a couple about to exchange contracts for a ground floor flat in Boscombe. We encountered a snag. The mortgage offer with Barclays Direct runs out on 27/9/2021 but the vendors are suggesting a completion date of 29/9/2021. Can one prolong the mortgage expiry date?
The best person to deal with your concern is your conveyancer who should assess whether he or she is better off negotiating with the bank, vendor’s representatives, property agents or conceivably all parties taking into account what has gone on in your transaction to date.
I'm purchasing my first flat in Boscombe with a loan from HSBC Bank. The developers refused to reduce the price so I negotiated £7000 of additionals instead. The sale representative advised me not disclose to my solicitor about the side-deal as it could jeopardize my mortgage with the lender. Is this normal?.
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.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Boscombe is where the house is located. Can you offer any guidance?
Flying freeholds in Boscombe are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Boscombe you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Boscombe may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In my capacity as executor for the will of my father I am selling a residence in Newport but reside in Boscombe. My conveyancer (who is 260 miles awayhas requested that I execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing lawyer in Boscombe to attest this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Boscombe based
Do you have any top tips for leasehold conveyancing in Boscombe with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Boscombe can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers’ conveyancers. If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Obtaining a re-issued share certificate can be a lengthy process and slows down many a Boscombe conveyancing deal. If a new share is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible. Many freeholders or managing agents in Boscombe levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Boscombe. A minority of Boscombe leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I inherited a studio flat in Boscombe, conveyancing having been completed in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Boscombe with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2082
With 61 years unexpired we estimate the price of your lease extension to be between £18,100 and £20,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
At what stage do I incur the Stamp Duty Land Tax due for my Boscombe property purchase?
Your solicitor should complete a Land Transaction Return Form for you during your Boscombe purchase transaction for signature. On completion your conveyancer will submit the STL application to the Inland Revenue and - assuming they have the funds - discharge any Stamp Duty due on your behalf.