Completed the sale of my flat in Bodmin last February yet the purchaser is Skype messaging every few hours to moan that their lawyer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Post completion of your sale your lawyer is duty bound to send the transfer documentation and all supplemental paperwork to the purchaser's lawyers. Depending on the transaction, your lawyer should also confirm that the mortgage has been paid off to the purchasers conveyancers. There is unlikely to be post completion procedures just for conveyancing in Bodmin.
My friend suggested that if I am buying in Bodmin I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Bodmin conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Bodmin around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Bodmin Education with plans and statistics, Local Amenities and other useful information about Bodmin.
I'm purchasing my first flat in Bodmin with a loan from Bank of Ireland. The builders would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not reveal to my lawyer about this deal as it may jeopardize my mortgage with the lender. 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 tempted by the attractive purchase price for a couple of apartments in Bodmin which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Bodmin is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. 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 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 property 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 Bodmin 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Bodmin Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
Make sure you enquire if there are any onerous prohibitions in the lease. For instance it is reasonably common in Bodmin leases that pets are not permitted in in a block in Bodmin. If you like the apartmentin Bodmin yet your cat can’t move with you then you will be presented with a difficult choice. What is the service charge and ground rent on the property? It is important to be aware if window replacement or some other significant cost is pending that will be shared by the leaseholders and could well materially increase the the maintenance fees or necessitate a specific payment.
Do I have to have a meeting at the offices of the lender conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Bodmin so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for the bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Bodmin. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.