In the event thatI were to buy a simple residential propertyin Mold mortgage fee and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Mold?
The only reduction in fees you would achieve is the Mold conveyancing searches. Your property lawyer still got to do everything else - money laundering, communicating with the sellers conveyancer, SDLT submission, register the property etc. A marginal saving might be made by not having to register a mortgage however it won't be significant.
Various web forums that I have come across warn that are the primary cause of delay in Mold house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Mold.
I'm purchasing my first flat in Mold with a mortgage from National Westminster Bank. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not reveal to my conveyancer about this extras as it may affect my loan with National Westminster Bank. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Mold is the location of the property. Is there any advice you can give?
Flying freeholds in Mold are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mold you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mold may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I work for a busy estate agent office in Mold where we have experienced a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Mold conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a 1 bedroom flat in Mold, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Mold with a long lease are worth £201,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2090
With 65 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Would local authority permission be necessary to change a house into two appartments in Mold? This has been done to a property next door to a relative in Mold and was ignorant of it happening until it was done.
Planning consent is necessary for converting a single dwelling in Mold into apartments but probably not for converting back to single dwelling-house so, simply put, yes,a it is needed.