A friend pointed out to me me that in buying a property in St Mawes there may be various restrictions preventing external alterations to the property. Is this right?
We are aware of anumerous of properties in St Mawes which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in St Mawes should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm the only recipient of my late father’s will and I have everything in my name alone, including the my former home in St Mawes. Conveyancing formalities meant that the Land Registry date was in April. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in April. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Some banks would take a pragmatic view as this requirement is chiefly there to identify subsales or the quick reselling of properties.
It is not clear whether my lender requires a lease extension. I have called my St Mawes bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My St Mawes conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancing practitioner is on the mortgage company approved list, she or he must comply with the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have justfound out that Action Conveyancing have closed. They carried out my conveyancing in St Mawes for a purchase of a leasehold apartment 18 months ago. How can I establish that my home is not still registered in the name of the previous owner?
The quickest method to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of St Mawes conveyancing specialists.
I'm purchasing a new build house in St Mawes benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of extras instead. The property agent advised me not reveal to my solicitor about this deal as it would adversely affect my mortgage with Barclays . 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.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. St Mawes is the location of the property. Can you shed any light on this issue?
Flying freeholds in St Mawes are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Mawes you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Mawes 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.
Are there frequently found deficiencies that you come across in leases for St Mawes properties?
There is nothing unique about leasehold conveyancing in St Mawes. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
-
Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Royal Bank of Scotland, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
I invested in buying a studio flat in St Mawes, conveyancing was carried out August 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in St Mawes with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2093
With just 71 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns 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 based on this information before getting professional advice.
Why can't I complete my conveyancing in St Mawes on Good Friday?
This is due to the fact that on completion the funds needs to pass between the banks of the buyer and seller's solicitor and currently this can only take place on a business day. It is not possible to complete on a weekend either.