I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to instruct a Poole based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel solicitors should you accept the "fee-free" deal. Call the bank and explore if they offer you a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Poole.
My wife and I have a semi-detached Victorian property in Poole. Conveyancing lawyer represented me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Poole and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing solicitor who conducted the purchase.
I am purchasing my first flat in Poole with a loan from Chelsea Building Society. The builders refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about this extras as it may affect my loan with Chelsea Building Society. 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.
Due to the input of my in-laws I had a survey completed on a house in Poole ahead of instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some banks may refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Poole. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a busy estate agent office in Poole where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Poole conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
Poole Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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What is the yearly service fee and ground rent? Who are the managing agents?
There are numerous properties in Poole on private lanes. We are purchasing one such property. Are there any benefits to buying a residence on a privately owned road?
Poole conveyancing lawyers are familiar with conveyancing homeson private. Your solicitor will review the Land Registry data to identify any rights or liabilities. It is possible that there is a residents association that residents make annual payments to maintain the road. Where there is one, the road will likely be maintained and appear better than council adopted.