I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Woodbury. My lender is Accord Mortgages

Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 11/5/2024, the requirements read as follows :

I am buying a new build house in Woodbury with a mortgage from Norwich and Peterborough Building Society. The developers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my conveyancer about this deal as it could put at risk my loan with the bank. 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 am looking for a leasehold apartment up to £305k and identified one close by in Woodbury I like with a park and railway links nearby, however it only has 51 years on the lease. I can't really find anything else in Woodbury suitable, so just wondered if I would be making a mistake acquiring a short lease?

If you need a home loan that many years will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.

I work for a reputable estate agency in Woodbury where we have witnessed a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Woodbury conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 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 sale.

An alternative approach is to agree the lease extension with the freeholder 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 purchaser.

Leasehold Conveyancing in Woodbury - Sample of Queries Prior to Purchasing

What is the name of the managing agents? Plenty Woodbury leasehold apartments will have a service charge for maintenance of the building levied by the freeholder. Where you purchase the property you will have to pay this contribution, usually periodically accross the year. This could differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge to be met yearly, ordinarily this is not a exorbitant amount, say approximately £50-£100 but you need to enquire as occasionally it can be many hundreds of pounds.

Are the Woodbury conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the bank?

Woodbury firms and firms carrying out conveyancing in Woodbury themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the mortgage company directly.