I require conveyancing for an apartment in a fairly new development (6 years built) in Bishops Cleeve. 95% of the properties have already been occupied. Do I need carry out the conveyancing searches as part of conveyancing in Bishops Cleeve?
You would be putting yourself at risk in not carrying out Bishops Cleeve conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal requirement to have them, but we would seriously advise in no uncertain terms that you have them. If accelerating the process and price are primary concerns you should discuss with your conveyancer about the possibility of search insurance
I am being told by my conveyancer that lack of right of way insurance is needed on my purchase. What is the level of cover for Bishops Cleeve conveyancing?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Skipton Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
I have decided to exercise my right to buy my property in Bishops Cleeve off the council. I have a mortgage agreed with Barclays. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
Santander have agreed my mortgage in principle, my bid on a property in Bishops Cleeve has been agreed to, what happens next?
Your estate agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s approved list). Telephone Santander or the broker and finish off any relevant paperwork. Santander will appoint a valuer who will get in touch with the estate agent or seller to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Santander will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bishops Cleeve.
I'm purchasing a new build house in Bishops Cleeve with a loan from Lloyds TSB Bank. The builders would not reduce the amount so I negotiated £7000 of extras instead. The sale representative advised me not reveal to my solicitor about this side-deal as it will affect my mortgage with Lloyds TSB Bank. Is this normal?.
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.
There are only 62 years left on my lease in Bishops Cleeve. I now wish to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the lessor. On the whole a specialist may be helpful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Bishops Cleeve.
Bishops Cleeve Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
Its a good idea to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day issues like the upkeep of the common parts. Don't be afraid to ask prospective neighbours what they think of their management. On a final note, be sure you discover the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money. Where a Bishops Cleeve lease has no more than 80 years it will affect the marketability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this would cost. For most Bishops Cleevelease extensions you will need to own the residence for two years before you are eligible to carry out a lease extension. Can you tell me if there are any major works in the planning that will likely add a premium to the maintenance fees?
I am short of a 10% deposit on my house purchase in Bishops Cleeve , but I am keen proceed. What can I do?
You can accept a lesser deposit. Many property owners will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute