I require conveyancing for a flat in a fairly new development (five years built) in Glenfield. The vast majority the flats have already been sold. Do I need carry out the neighbourhood searches as part of conveyancing in Glenfield?
If you getting a loan, your bank will need some (many) of the searches so you'll have no choice. If not, then Glenfield conveyancing searches are optional. No doubt your conveyancer, will ’encourage’, perhaps strongly, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or ask you to appoint a different lawyer for your conveyancing in Glenfield.
I own a freehold residence in Glenfield but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Glenfield and has limited impact for conveyancing in Glenfield but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
three months have elapsed since my purchase conveyancing in Glenfield completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Glenfield with the aid of help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not disclose to my lawyer about this extras as it may jeopardize my mortgage 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.
I am attracted to a two maisonettes in Glenfield which have about fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Glenfield. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in Glenfield - A selection of Queries before buying
-
How many of the leaseholders are in arrears for their service charge payments? The answer will be useful as a) areas could cause problems in the building as the common areas may begin to deteriorate where maintenance are not paid for b) if the leasehold owners have an issue with the managing agents you will want to have all the details Does the lease contain onerous restrictions?
I previously informed by my bank that their approved conveyancers work on no sale no charge basis for conveyancing in Glenfield. I had a purchase fall through yet the solicitors have requested search fees! They are stating that the fees are nothing to do with their fees!
Glenfield conveyancing search charges are separate expenses not solicitors costs as these are payable to independent parties.