The housing market in Bradwell is heating up. What can I do to expedite matters?

Where the seller is applying time constraints for your conveyancing we would recommend that your solicitor is familiar with the location as they will have local connections and intelligence. It is possible that they would have transacted previousproperties in the same street. Therefore consider using a Bradwell conveyancing firm. Second, be sure that the conveyancing firm is on the member panel. It is believed that 18% of Bradwell conveyancing transactions are frustrated or derailed after finding out that a purchaser’s lawyer was not on their banks list of approved solicitors. This can often result in the legal transfer of property being delayed by as much as three weeks. It is understood that this issue impacts in the region of one hundred thousand home sales annually. Many Bradwell conveyancing firms can not represent certain mortgage companies so do check at the outset.

I am purchasing a house and the conveyancer has identified Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. He has mentioned insurance. Is this really required for conveyancing in Bradwell

Unless a prior acquisition of the premises took place post 12 October 2013 you can expect lawyers handling conveyancing in Bradwell to remain encouraging a chancel search and or insurance against a claim.

I am purchasing my first flat in Bradwell with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not disclose to my solicitor about the deal as it will put at risk my loan 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.

I have been on the look out for a ground for flat up to £245,000 and identified one close by in Bradwell I like with amenity areas and transport links nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Bradwell suitable, so just wondered if I would be making a grave error acquiring a short lease?

Should you need a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.

I am tempted by the attractive purchase price for a couple of maisonettes in Bradwell both have in the region of 50 years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Bradwell is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers 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 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 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 Bradwell 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.

Leasehold Conveyancing in Bradwell - Examples of Queries before Purchasing

How much is the yearly service fee and ground rent? How long is the Lease? Who is in charge of the building?