My wife and I buying a terrace house in Blackfriars. The intention is to convert the garage to a playroom at the house.Will legal due diligence on the property include checks to determine if these alterations are prohibited?
Your solicitor will review the registered title as conveyancing in Blackfriars will sometimes identify restrictions in the title documents which prevent categories of alterations or require the consent of a 3rd party. Many extensions need local authority planning permissions and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be wise to check these things with a surveyor ahead of any purchase.
I am the only recipient of my late father’s estate and I have everything in my name alone, including the house in Blackfriars. The Blackfriars property was put into my name in June. I now wish to sell up. I do know about the CML six month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the property in June. Do I have to wait half a year to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view lenders take of it, depend on the mortgage company as this requirement is principally there to pick up on the purchase and immediately sell or the flipping of property.
We have a mortgage agreed in principle with TSB. Blackfriars conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from TSB?
There is no definitive answer here. Have TSB conducted the valuation? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Blackfriars?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Blackfriars. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Blackfriars with a loan from Clydesdale. The developers refused to budge the price so I negotiated 6k of extras instead. The property agent advised me not disclose to my conveyancer about the extras as it could adversely affect my mortgage 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Blackfriars is where the house is located. What do you suggest?
Flying freeholds in Blackfriars are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Blackfriars you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blackfriars may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What is the reason for new build conveyancing in Blackfriars being more expensive?
Acquiring a new build home is completely different from the normal house buying conveyancing in Blackfriars. Firstly developers ordinarily demand contracts to exchange inside a short timeframe, so there is a a great deal of pressure on your lawyer to ensure all is in order. Furthermore new build properties often involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage company obligations are also more detailed. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.