My fiance and I are hoping to buy a newbuild apartment in Bursledon with a mortgage from Norwich and Peterborough Building Society.We have a Bursledon conveyancing practitioner but Norwich and Peterborough Building Society informed us his firm is not listed on their "panel". It seems we are left with no choice but to instruct a Norwich and Peterborough Building Society panel firm or keep our preferred solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its various provisions, one of which will be that conveyancers will be on the Norwich and Peterborough Building Society approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Norwich and Peterborough Building Society
Are there restrictive covenants that are commonly picked up as part of conveyancing in Bursledon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Bursledon. 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 looking for a ground for flat up to £305k and found one close by in Bursledon I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Bursledon suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am looking into buying my first house which is in Bursledon and I am already nervous. I couldn't find anything specific about Bursledon. Conveyancing will be needed in due course but do you know about the Bursledon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Bursledon. In the meantime here are some basic statistics that we found
My wife and I purchased a leasehold house in Bursledon. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Bursledon who previously acted has now retired. What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Bursledon conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a 2 bed flat in Bursledon, conveyancing formalities finalised in 2009. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Bursledon with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2078
With only 59 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.