It has come to my attention via my lender that my Battlesbridge property lawyer is not on the lender Conveyancing panel. What can I do to be sure if this is correct?
You need to contact your Battlesbridge conveyancer. You lawyer should notify you what has happened. Where they are not on the panel they may be able to suggest a Battlesbridge conveyancing firm that is on the conveyancing panel for your mortgage company.
Me and my partner are purchasing a flat in Battlesbridge. It might be a silly question but how we can trust a conveyancer? At some point we have to deposit money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Forgive me if this question is silly but I am wet behind the ears as FTB of a ground floor flat in Battlesbridge. Do I collect the keys to the house on completion from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Battlesbridge?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the seller's solicitors, and shortly after the monies have arrived, you will be invited to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
I have finally had an offer on a maisonette in Battlesbridge agreed to, the vendors do however have a connected purchase. The owners have placed an offer on somewhere, but it’s not yet tied up, and have viewings of other apartments booked. I have selected a local conveyancing solicitor in Battlesbridge. What do I do now? When should I get the mortgage application with UBS started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of £1k, then valuation, Battlesbridge conveyancing search charges, etc). The first thing to do is ensure that your property lawyer is on the UBS conveyancing panel. Regarding the subsequent stages this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. In a rising market the majority of home buyers would apply for a home loan with UBS and arrange for the valuation and only if it comes back ok would they ask their lawyer to proceed with the conveyancing in Battlesbridge.
I am buying my first flat in Battlesbridge benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of additionals instead. The sale representative told me not to tell my solicitor about this side-deal as it will adversely affect my loan with the bank. 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 have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Battlesbridge I like with a park and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Battlesbridge in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be an issue. Discount the price by the amount the 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 may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
What makes a Battlesbridge lease unmortgageable?
Leasehold conveyancing in Battlesbridge is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
A provision to repair to or maintain elements of the property Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
Battlesbridge Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
Is the freehold reversion owned collectively by the tenants? Who are the managing agents? How many years remain on the lease?