Are there restrictive covenants that are commonly picked up during conveyancing in Lydiate?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Lydiate. 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…’
I'm purchasing a new build house in Lydiate with a mortgage from Coventry Building Society. The developers refused to budge the price so I negotiated 6k of extras instead. The property agent suggested that I not to tell my solicitor about the deal as it will impact my mortgage with the bank. Should I keep quiet?.
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 ground for flat up to £305k and found one close by in Lydiate I like with a park and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Lydiate suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension 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 lawyer regarding this.
I am thinking of appointing a conveyancing solicitor in Lydiate for my home move. Is it possible to review a firm’s record with the profession’s regulator?
You can review documented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Visit Check a solicitor's record. To find information Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training purposes.
Are there frequently found problems that you encounter in leases for Lydiate properties?
Leasehold conveyancing in Lydiate is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Skipton Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I own a 2 bed flat in Lydiate, conveyancing formalities finalised September 1996. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Lydiate with an extended lease are worth £260,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2099
With 74 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
We are contemplating instructing a web based property lawyer rather than a Lydiate conveyancing practice. Am I making a mistake?
There are advantages of being able to attend a local Lydiate conveyancing solicitor such as
- signing documents same day
- often being able to see someone face-to-face can make a significant difference, particularly for more complex conveyancing
- the ability to raise concerns if things need to addressed
When analysing fees, look carefully for hidden extras. The majority decent Lydiate high street solicitors give an all-inclusive price. Often online companies appear to offer low cost prices, yet have hidden 'extras' in the in the terms and conditions.