I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Flitwick. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 31/7/2021, the requirements read as follows :
My relative advised me that if I am purchasing in Flitwick I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Flitwick conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Flitwick around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Flitwick.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Flitwick I like with open areas and station in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Flitwick in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Hoping to buy a property located in Flitwick and I am already nervous. I couldn't find anything specific about Flitwick. Conveyancing will be needed in due course but do you know about the Flitwick area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Flitwick. In the meantime here are some basic statistics that we found
Last March I purchased a leasehold flat in Flitwick. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Flitwick - Sample of Queries before buying
Where a Flitwick lease has no more than eighty years it will have adverse implications on the value of the apartment. It is worth checking with your lender that they are happy with residual term of the lease. A short lease means that you will probably need a lease extension sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you will need to own the residence for a couple of years in order to be entitled to extend the lease. You will want to discover as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the communal areas. Ask other people what they think of their service. On a final note, find out the dates that the service fees are due to the relevant party and specifically how they are spending the funds.
My husband and I have recently had an offer accepted on a house and had an appointment on Monday with Leeds Building Society for the mortgage. They advised me that when it comes to selecting a conveyancer that if they are not on their approved list of property lawyers then we will be subject to an a further fee of £250+. This is because they would then have to instruct a solicitor to act on their behalf in addition to the one we select on our behalf and we assume responsibility for their invoice. I have requested Leeds Building Society to furnish me with a list so I can request estimates only from their approved solicitors but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a list online?
You should ask Leeds Building Society what their criteria for joining their panel is for a solicitor.Thereafter ask the lawyer of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society previously. Where the answer to those is yes, then just double check with Leeds Building Society. Alternatively please make use of our search facility and we should be able to identify a solicitor in Flitwick on the approved list for Leeds Building Society.