I have given 8 weeks notice to my current landlord and must leave my let out apartment in Beacontree Heath by 31/1/2019. Conveyancing on my purchase is progressing. Is it possible to complete in three weeks as don't want to have to move into short term accommodation?
The normal practice is not to give notice for your tenancy unless exchange of contracts has taken place. If you have not previously done so, update to your conveyancer and request that they apply pressure on the sellers lawyers, try to get a realistic time scale from them that everyone will look towards
My bid for a property was accepted at auction in Beacontree Heath. Conveyancing is required. What happens now?
Now that you are to in every practical sense signed on the dotted line you now have to instruct a conveyancing practitioner as a matter of urgency as you are facing a pending a fixed date to complete the transaction. Every auction property will ordinarily have a corresponding legal pack. This should include evidence of title and search results. In the case of leasehold property the legal papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You should pass this on to the solicitor working for you as soon as possible. Do make sure that your finances are in place to complete the transaction on the set completion date.
When it comes to mortgage companies such as Co-operative, do Beacontree Heath lawyers have to pay an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I am expecting a AIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Beacontree Heath solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Beacontree Heath solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I'm buying my first flat in Beacontree Heath with the aid of help to buy. The sellers would not budge the price so I negotiated £7000 of extras instead. The house builders rep told me not to tell my conveyancer about the side-deal as it will put at risk my mortgage with Nottingham 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 am using a search engine for the term on line conveyancing in Beacontree Heath it brings up numerous solicitorsin the area. How do I determine which is the right conveyancing solicitor for purchase transaction?
The preferential way of seeking a suitable conveyancer is through a personal recommendation, so enquire of friends and relatives who have purchased a property in Beacontree Heath or a respected estate agent or financial adviser. Charges for conveyancing in Beacontree Heath differ, so it's a good idea to obtain a minimum of four estimates from different conveyancers. Make sure that you clarify that the fees are fixed.
I am looking at a two flats in Beacontree Heath both have about fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Beacontree Heath is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat 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 residence 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 Beacontree Heath 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 any new 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.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Beacontree Heath. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the premium.
An example of a Lease Extension case for a Beacontree Heath premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired lease term was 61.36 years.