I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Bounds Green. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 21/4/2024, the requirements read as follows :
Various internet forums that I have visited warn that are a common reason for delay in Bounds Green house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Bounds Green.
I am purchasing a new build house in Bounds Green benefiting from help to buy. The developers refused to move on the price so I negotiated £7000 of additionals instead. The estate agent advised me not inform my solicitor about the extras as it would impact my loan with the bank. Is this normal?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Bounds Green before appointing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may not grant a loan on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bounds Green. Conveyancing will be smoother if you use a solicitor in Bounds Green especially if they are familiar with such properties in Bounds Green.
How does the Landlord & Tenant Act 1954 impact my commercial premises in Bounds Green and how can you help?
The particular law that you refer to affords security of tenure to business tenants, granting the legal entitlement to make a request to court for a new lease and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and help with commercial conveyancing in Bounds Green
What advice can you give us when it comes to finding a Bounds Green conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Bounds Green conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Bounds Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
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If they are not ALEP accredited then what is the reason? What volume of lease extensions have they completed in Bounds Green in the last 12 months?
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Bounds Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the amount due.
An example of a Lease Extension matter before the tribunal for a Bounds Green residence is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The unexpired term as at the valuation date was 81.79 years.