I am considering mortgaging my apartment in Wadhurst, does my lawyer need to be on the Nottingham Solicitor panel?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
What does a local search inform me about the house my wife and I buying in Wadhurst?
Wadhurst conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Searches UK The local search plays an important role in many a Wadhurst conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search will provide data 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 thirteen subject sections.
I'm buying a new build house in Wadhurst benefiting from help to buy. The builders would not move on the price so I negotiated 6k of extras instead. The estate agent told me not disclose to my conveyancer about this deal as it would put at risk my loan with Barnsley Building Society. Should I keep quiet?.
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 Wadhurst prior to retaining lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some lenders may refuse to give a mortgage on such a home.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wadhurst. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wadhurst to see if the conveyancing will be more expensive.
Taking into account that I am about to spend 450k on a terraced house in Wadhurst I wish to talk to a conveyancer regarding theconveyancing ahead of instructing the firm. Can this be arranged?
This is something that we encourage - we would be pleased to talk to you we do not take any clients on without you liaising with the conveyancer who will be doing your property ownership legalities in Wadhurst.There is no ‘factory style conveyancing’ - every client is unique person, not a file reference. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in Wadhurst should be the figure that you are charged.
I am looking at a two flats in Wadhurst which have about forty five years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Wadhurst is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wadhurst conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a ground floor flat in Wadhurst, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Wadhurst with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 levied per year. The lease terminates on 21st October 2082
With 56 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional 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 placing reliance on this information without first seeking the advice of a professional.