How up to date is your search tool for Northwood conveyancing solicitors on the UBS conveyancing panel? Do UBS send you an updated list?
Northwood conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
I am buying a semi-detached house in Northwood. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Northwood you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Northwood.
What can a local search inform me concerning the property I am purchasing in Northwood?
Northwood conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search is essential in every Northwood conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Northwood?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Northwood. 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…’
Over the last few months I have been searching for a flat up to £305k and identified one close by in Northwood I like with amenity areas and station nearby, however it's only got 61 years on the lease. There is not much else in Northwood in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities 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 speak to your conveyancing lawyer about this.
We own a leasehold flat in Northwood. Conveyancing was completed in 2009. I have read on a number of advice forums that I should not allow the the remaining lease term to get too short. What is the reasoning?
Northwood residential long term leases are for a prescribed period - usually 99 years when they started. However a significant flats in Northwood were constructed or converted 25 or more years ago and so such leases now have fewer than 80 years unexpired. This may seem like plenty of time but Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To maximise your property value you should be considering whether to extend your lease long before you come to sell it. There are also advantages to doing so before the lease hits 80 years as when the lease is less than 80 years the premium to be paid to extend starts to escalate.