My fiancee and I are purchasing our first home. The conveyancer has messagedto check if we would like to take out extra conveyancing searches. We are really unsure what's needed for conveyancing in Cowes
The range of Cowes conveyancing searches depends entirely on the premises, the location, the likelihood of any of these risks, your familiarity of the region and risks, your overall appetite to risk. What is important is that you properly appreciate what information the searches could give you. Then you can make a decision if you consider that you need that information. Should you be in doubt, ask your lawyer to offer guidance.
I am being advised by my solicitor that lack of planning permission insurance is necessary on my purchase. What is the level of cover for Cowes conveyancing?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
is it true that all Cowes solicitors on the Nationwide conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide approved list of solicitors they would need to be regulated by the SRA. Many mortgage companies do permit licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
I am purchasing a property in Cowes. One unusual aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Leeds Building Society your lawyer must follow the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease fails to meet these requirements. The conditions relate to the installation of panels on properties countrywide and is not limited to Cowes.
Are there restrictive covenants that are commonly picked up during conveyancing in Cowes?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Cowes. 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…’
The estate agent has sent us the confirmation of our purchase of a new build apartment in Cowes. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Cowes
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I decided to have a survey carried out on a property in Cowes ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies will not give a mortgage on this type of home.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Cowes. Conveyancing will be smoother if you use a solicitor in Cowes especially if they are familiar with such properties in Cowes.
Estate agents have just been given the go-ahead to market my garden apartment in Cowes. Conveyancing is yet to be initiated, but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge as you normally would because all rents and maintenance invoices will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a ground floor flat in Cowes, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Cowes with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2081
With 58 years left to run we estimate the premium for your lease extension to span between £22,800 and £26,400 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.