We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Is the implication that I have to use their panel lawyer as I would prefer to instruct a Canford Cliffs based conveyancing firm?
Do check but the the likelihood is that appoint one of their panel solicitors should you accept the "fee-free" offer. Contact the lender and ask if they allow a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Canford Cliffs.
I am buying a new build house in Canford Cliffs benefiting from help to buy. The developers refused to budge the amount so I negotiated 6k of additionals instead. The sale representative told me not reveal to my solicitor about this extras as it will put at risk my mortgage with the lender. 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.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Canford Cliffs is the location of the property. What do you suggest?
Flying freeholds in Canford Cliffs are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Canford Cliffs you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canford Cliffs may ascertain 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.
I need to instruct a conveyancing solicitor for my conveyancing in Canford Cliffs. I've stumble upon a web site which appears to be the ideal solution If there is a chance to get all formalities done via email that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am looking at a two flats in Canford Cliffs both have approximately 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Canford Cliffs is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Canford Cliffs conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a garden flat in Canford Cliffs, conveyancing was carried out 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Canford Cliffs with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2086
With just 62 years left to run we estimate the premium for your lease extension to be between £17,100 and £19,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
What should I expect to pay for conveyancing in Canford Cliffs?
The amount you are levied for conveyancing in Canford Cliffs are likely to be calculated at:
- a standard fee; or
- on a time spent basis (i.e. the time spent on the particular case).
These days you seldom hear of Canford Cliffs conveyancing companies invoice by the clock