My mortgage company has suggested a law firm on their panel based in Calcot but I would rather choose a conveyancing lawyer in Calcot round the corner to me. Can you assist?
Not all Calcot conveyancing solicitors are listed all banks conveyancing panel. Please make the most of the above find an approved solicitor tool to locate a Calcot conveyancing solicitor on the on the mortgage company panel.
I'm buying my first flat in Calcot with a mortgage from Bank of Scotland. The sellers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not inform my lawyer about the deal as it could jeopardize my mortgage with the bank. Should I keep quiet?.
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.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Calcot I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Calcot for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities 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 lawyer about this.
I've recently bought a leasehold house in Calcot. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Calcot Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
The majority of Calcot leasehold properties will incur a service bill for the upkeep of the building invoiced by the freeholder. Where you purchase the apartment you will have to meet this amount, usually quarterly during the year. This can be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all likelihood there will be a rentcharge to be met yearly, this is usually not a exorbitant amount, say around £50-£100 but you should to check as sometimes it could be many hundreds of pounds. Best to be warned whether redecorating or some other significant cost is anticipated that will be shared by the leasehold owners and will dramatically impact the level of the service fees or result in a one off invoice. Be sure to find out if the the lease contains any adverse restrictions in the lease. By way of example it is fairly common in Calcot leases that pets are not permitted in in a block in Calcot. If you like the flatin Calcot but your cat can’t move with you then you will be faced hard decision.
My wife and I intend to acquire our first home in Calcot. Conveyancing solicitor already appointed. The mortgage adviser advised that a survey is not necessary as the house was only constructed 22 years ago.
As the bare minimum you need a Home Buyer's Report. As the residence is over 10 years old the property will be without a warranty, so you don't want to take a risk. For a property that age with no signs of defects a Home Buyer's report may be sufficient. The report should highlight any obvious problems and recommend further investigation where appropriate. Where there are any indications of problems obtain a full Building Survey from the beginning.