My wife and I are nearing an exchange on a flat in Clevedon and my parents have transferred the exchange deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is legally required to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Are there restrictive covenants that are commonly picked up during conveyancing in Clevedon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Clevedon. 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 purchasing my first flat in Clevedon benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep advised me not reveal to my solicitor about the extras as it could jeopardize my mortgage with Nottingham Building Society. 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 am looking for a leasehold apartment up to £195,000 and found one close by in Clevedon I like with open areas and station nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Clevedon in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I am looking at a two flats in Clevedon which have approximately forty five years left on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Clevedon is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, 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 premises 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 Clevedon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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.
I inherited a garden flat in Clevedon, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Clevedon with an extended lease are worth £227,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2091
With only 72 years unexpired the likely cost is going to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.