Will lawyers ask for money on account for conveyancing in West Wickham?
Where you are retaining lawyers for conveyancing in West Wickham your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. Normally this is asked for to cover the fees of the Local Authority Search. When the down payment is as part of the total price then this should be required shortly in advance of exchange of contracts. Any further balance that is due should be sent to your lawyer a couple of days prior to the day of completion.
What does a local search tell me regarding the house my wife and I buying in West Wickham?
West Wickham conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays an important role in most West Wickham conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search will supply 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 purchasing my first flat in West Wickham with the aid of help to buy. The developers refused to move on the price so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my lawyer about this side-deal as it may affect my mortgage with Britannia. Do I keep my lawyer in the dark?.
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 opted to have a survey done on a property in West Wickham in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders may not issue a mortgage on such a property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in West Wickham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in West Wickham to see if the conveyancing costs will increase in light of this.
I'm refinancing my primary house to a buy to let loan with Birmingham Midshires and intend to use the remaining equity towards a second property. The neighborhood we are talking about is West Wickham. Will your conveyancers be able to act for the two mortgage companies and tie in the two deals?
Do use our search tool on this page to be sure that the solicitors are approved by both mortgage companies. Having checked that they are the conveyancer will be able to tie up the two transactions but you should have a chat with you lawyer and communicate your expectations and needs.
I am attracted to a two flats in West Wickham both have approximately 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in West Wickham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than 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 premises 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 a property 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 West Wickham 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 second floor flat in West Wickham. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Most definitely. We can put you in touch with a West Wickham conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a West Wickham flat is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case related to 2 flats. The unexpired term as at the valuation date was 76.75 and 88.83.