I have been told that property searches are the number one cause of stalling in Flint conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Flint.
I'm buying a new build house in Flint with a mortgage from Santander. The sellers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not disclose to my solicitor about this side-deal as it will adversely affect my loan with the lender. 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Flint I like with a park and station nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Flint in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I'm refinancing my primary property to a BTL mortgage with National Westminster Bank and intend to use the remaining equity towards another house. The location we are looking at is Flint. Will your lawyers be able to act for the two mortgage companies and tie in the transactions?
Do use our comparison tool on this page to ensure that the solicitors are approved by both mortgage companies. On the basis that they are your lawyer will be able to connect the two conveyancing matters but you should have a chat with you lawyer and communicate your expectations and needs.
I am thinking of appointing a conveyancing solicitor in Flint for my home move. Is it possible to see a firm’s complaints history with the legal regulator?
Members of the public may search for presented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. For records Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator could monitor call for training requirements.
I am attracted to a couple of maisonettes in Flint which have in the region of fifty years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Flint is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with less than 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 property 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 Flint conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 invested in buying a garden flat in Flint, conveyancing having been completed 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? Corresponding flats in Flint with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2081
With 59 years remaining on your lease the likely cost is going to range between £20,900 and £24,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.