I have just over seventy years unexpired on my lease and require a lease extension for my flat in Bidford On Avon. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 22/4/2019 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
This question may be naive but I am new to the house moving as a first time purchaser of a garden flat in Bidford On Avon. Do I collect the keys to the premises on the completion date from my lawyer? If this is the case, I will find a local conveyancing solicitor in Bidford On Avon?
On the day of completion you will not be required to go to the conveyancers office in Bidford On Avon. Conveyancing lawyers for you will transfer the completion advance to the seller's conveyancers, and once they have received this, you should be invited to pick up the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
My solicitor has informed me that flying freehold insurance is needed on my purchase. What is the level of cover for Bidford On Avon conveyancing?
The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Halifax and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
We previously selected solicitors locally in Bidford On Avon on the UBS solicitor panel. They have just invoiced me a separate amount for dealing with the UBS mortgage. Is this a supplemental conveyancing fee specified by UBS?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your lawyer is entitled to levy a fee for this. The fee is not dictated by UBS but by your Bidford On Avon conveyancer. Some firms on the UBS panel will levy ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
The deeds to our property can not be found. The solicitors who did the conveyancing in Bidford On Avon 4 years ago are no longer around. What are my options?
Gone are the days when you need to hold title official documentation to establish that you are the owner of your registered land or property, as the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Bidford On Avon differ for new build properties?
Most buyers of new build premises in Bidford On Avon come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Bidford On Avon tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bidford On Avon or who has acted in the same development.
I am looking into buying my first house which is in Bidford On Avon and I am already nervous. I couldn't find anything specific about Bidford On Avon. Conveyancing will be needed in due course but do you know about the Bidford On Avon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Bidford On Avon. In the meantime here are some basic statistics that we found