I am considering applying for a Bank of Ireland mortgage for purchase of a newly converted (under development) in Cotswolds with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Ireland ?
In theory, you could use a solicitor that is not on the Bank of Ireland conveyancing panel, but Bank of Ireland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Various internet forums that I have frequented warn that are a common cause of stalling in Cotswolds house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Cotswolds.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Cotswolds?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Cotswolds. 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'm purchasing my first flat in Cotswolds benefiting from help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my lawyer about the deal as it will jeopardize my loan with the bank. 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.
In what way does the Landlord & Tenant Act 1954 impact my commercial premises in Cotswolds and how can your lawyers assist?
The particular law that you refer to provides a safeguard to business leaseholders, granting the right to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act for protection and assist with commercial conveyancing in Cotswolds
There are only 62 years left on my lease in Cotswolds. I now wish to extend my lease but my landlord is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to track down the lessor. In some cases an enquiry agent would be helpful to conduct investigations and prepare a report which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Cotswolds.
Cotswolds Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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For most Cotswolds leaseholds the outlay for major works tend not to be built into the service charges, albeit that some managing agents in Cotswolds ask leaseholders to pay into a sinking fund and this is used to offset against major works. If a Cotswolds lease has less than 80 years it will have adverse implications on the value of the apartment. Check with your mortgage company that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Cotswoldslease extensions you would be be obliged to have owned the premises for two years before you are eligible to carry out a lease extension.