We are getting a further advance on our home loan from Principality as we want to carry out renovations to our house in Boston. Do we need to choose a high street Boston solicitor on the Principality conveyancing panel to deal with the legals?
Principality would not normally appoint firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
I have decided to exercise my right to buy my property in Boston off the council. I have a mortgage agreed with Yorkshire BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
I had an offer accepted on a house in Boston on 19/2/2019, valuation was booked five days later, received a clean bill of health. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Are Leeds Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have todayfound out that Action Conveyancing have closed. They conducted my conveyancing in Boston for a purchase of a freehold house 9 months ago. How can I establish that the property is in my name in the name of the previous owner?
The quickest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Boston conveyancing specialists.
How does conveyancing in Boston differ for new build properties?
Most buyers of new build or newly converted property in Boston come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Boston tend to acquire the land, 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 property lawyers 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 Boston or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and identified one close by in Boston I like with amenity areas and railway links nearby, however it only has 51 years unexpired on the lease. There is not much else in Boston in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I am looking at a couple of maisonettes in Boston both have in the region of 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Boston is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than 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 premises 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 Boston 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. 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.
Boston Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
You will want to find out as much as possible regarding the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to day to day issues like the cleanliness of the communal areas. Don't be shy to ask other tenants if they are happy with their management. In conclusion, be sure you know the dates that the service charges are due to the relevant party and specifically what you get for your money. How much is the ground rent and service charge? Does the lease have onerous restrictions?