I have Fifty Six years remaining on my lease and need a lease extension for my apartment in Clent. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/4/2024 the requirements read as follows :
Should my solicitor be raising enquiries concerning flooding during the conveyancing in Clent.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Clent. Plenty of people will purchase a property in Clent, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or by their solicitors which should give them a better understanding of the risks in Clent. The conventional set of information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to discover if the property has ever been flooded. If flooding has previously occurred which is not disclosed by the owner, then a buyer may bring a legal claim for losses stemming from an incorrect reply. A purchaser’s conveyancers should also carry out an enviro report. This should reveal if there is a recorded flood risk. If so, further inquiries will need to be made.
I am purchasing my first flat in Clent with a mortgage from Chelsea Building Society. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The house builders rep told me not reveal to my lawyer about this extras as it could adversely affect my loan with the lender. Is this normal?.
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've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Clent is the location of the property. Can you shed any light on this issue?
Flying freeholds in Clent are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Clent you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clent may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am in the process of purchasing my first property in Clent. Conveyancing solicitor already appointed. The mortgage adviser pointed out that a survey is not appropriate as the property was only built 16 yrs ago.
As the bare minimum you need a Home Buyer's Report. Given the premises is over 10 years old the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. The report should highlight any obvious problems and recommend additional investigation if relevant. If there are any signs of material issues seek a comprehensive Building Survey from the beginning.