Can your site be used to recommend a Conveyancing solicitor in Eastcote even if I’m not purchasing or disposing of a house, for instance if I intend to buy an office in Eastcote with a mortgage from Yorkshire Building Society?
The service is predominantly there to locate residential conveyancing solicitors in Eastcote but we have set out towards the end of this page a selection of Eastcote commercial conveyancing firms. You will need to enquire with the company directly to see if they are also authorised to represent Yorkshire Building Society
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Eastcote. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 9/7/2019, the requirements read as follows :
Is there a list of Coventry BS panel conveyancers in Eastcote on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings viewable on the web. If you are looking for a Eastcote conveyancing practitioner on the Coventry BS please use our facility.
I'm in the process of viewing apartments in Eastcote and I am about to put in an offer. Is it advisable to have my lawyer on ‘stand by’? I intend to finance via a mortgage with Bank of Ireland.
It would be sensible to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are getting a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.
Nottingham have agreed my mortgage in principle, my bid on a house in Eastcote has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (be sure the conveyancers are on the lender’s panel). Telephone Nottingham or your financial adviser and finish off any outstanding forms. Nottingham will instruct a valuer who will get in contact with the estate agent or vendor to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes on average ten days to get a mortgage offer. Nottingham will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Eastcote.
I am purchasing a new build house in Eastcote with a loan from Nationwide Building Society. The developers refused to budge the price so I negotiated £7000 of extras instead. The property agent told me not to tell my lawyer about this side-deal as it may impact 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 am looking for a leasehold apartment up to £195,000 and found one near me in Eastcote I like with amenity areas and station in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Eastcote in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am looking at a two flats in Eastcote which have in the region of forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Eastcote is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive 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 premises 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 Eastcote 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 any new 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 am the proprietor of a ground floor flat in Eastcote. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
Absolutely. We are happy to put you in touch with a Eastcote conveyancing firm who can help.
An example of a Lease Extension decision for a Eastcote residence is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case related to 1 flat. The unexpired lease term was 53.26 years.