I am purchasing a property for cash in Bodelwyddan. I have lived for the last twelve years in Bodelwyddan. Conveyancing searches are expensive. As I know the area and road very well must I have all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the Bodelwyddan conveyancing searches are non-obligatory. Your solicitor will 'advise', no-doubt strongly, that you should have searches carried out, but he is duty bound to do this. Do consider; if you are intend to dispose of the house one day, it may be of interest to your future buyer what the searches reveal. There are plenty of instances where premises with apparent issues can still show up unfavourable search results. A good conveyancing solicitor in Bodelwyddan should be able to give you some sensible guidance concerning this.
I am purchasing my first flat in Bodelwyddan with a loan from Nottingham Building Society. The sellers would not budge the price so I negotiated 6k of extras instead. The property agent suggested that I not to tell my solicitor about this deal as it could affect my loan with Nottingham Building Society. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Bodelwyddan is the location of the property. What do you suggest?
Flying freeholds in Bodelwyddan are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bodelwyddan 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 Bodelwyddan may decide 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 residence.
My uncle has suggested that I use his conveyancing solicitors in Bodelwyddan. Should I choose my own property lawyer?
There are no two ways about it it’s preferable to select a conveyancing solicitor is to have feedback from friends or family who have previously instructed the conveyancer that you are are thinking of instructing.
I am attracted to a couple of flats in Bodelwyddan which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Bodelwyddan is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Bodelwyddan conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
I am the registered owner of a garden flat in Bodelwyddan, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Bodelwyddan with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2084
With 62 years remaining on your lease we estimate the premium for your lease extension to span between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.