Finally the sale completed on my house in Sevenoaks last September yet the purchaser is calling me to say his solicitor is waiting to hear from mylawyer. What are the post completion sale formalities now that I have sold?
Post completion of your sale your solicitor should send the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your conveyancer should also confirm that the legal charge in favour of the lender has been paid off to the buyers solicitors. There are no post completion tasks just for conveyancing in Sevenoaks.
What does a local search reveal concerning the house we're buying in Sevenoaks?
Sevenoaks conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for example Onsearch The local search is essential in every Sevenoaks conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search should reveal information on, amongst other things, details on planning applications applicable to the premises (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 subject areas.
I'm buying a new build house in Sevenoaks with the aid of help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not reveal to my conveyancer about this side-deal as it could adversely affect my loan with National Westminster Bank. Is this normal?.
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 opted to have a survey completed on a property in Sevenoaks prior to instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend not grant a loan on this type of home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Sevenoaks. Conveyancing will be smoother if you use a solicitor in Sevenoaks especially if they are accustomed to such properties in Sevenoaks.
How do I use the search app to choose a conveyancing solicitor in Sevenoaks on the authorised to act for my lender?
First select a lender such as HSBC Bank, Virgin Money or Bank of Ireland then type in your location such as Sevenoaks. Conveyancing organisations in Sevenoaks and nationally will then be listed.
Can you provide any advice for leasehold conveyancing in Sevenoaks from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sevenoaks can be reduced if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers’ representatives. You believe that you know the number of years remaining on your lease but you should verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. Many landlords or managing agents in Sevenoaks levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Sevenoaks. A minority of Sevenoaks leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Organising a new share certificate can be a time consuming process and slows down many a Sevenoaks conveyancing transaction. If a duplicate share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
Sevenoaks Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
-
You should want to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the communal areas. Ask other people what they think of their management. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes. How is the lease structured? It is important to be aware if a new roof is being installed or some other major work is coming up to be shared between the leasehold owners and will dramatically impact the level of the maintenance fees or result in a one time invoice.