My partner and I are acquiring our first house. The solicitor has texted usto ask if we wish to order extra conveyancing searches. Frankly we are clueless as to what's appropriate for conveyancing in Drakes Cross
The scope of Drakes Cross conveyancing searches depends primarily on the property, the location, the possibility of any of these risks, your familiarity of the region and risks, your general attitude to risk. What matters is that you adequately understand what information each search could supply. Then you can decide if you personally think you need that information. If in doubt, ask the conveyancer to guide you.
About to place a bid on a leasehold flat in Drakes Cross. The selling agents assure me that it is usual for flats in Drakes Cross to have less than 75 years unexpired on the lease. I am taking out a mortgage with Nationwide Building Society. Will the property be mortgageable given that the lease has 70 years left.
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. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 11/2/2019 the requirements read as follows :
Report to the issuing office if the lease term is shorter than that stated on the offer and has less than 100 years remaining. (There is no requirement to report if the lease term is lower than that stated on the offer but still has 100 years or more to run, or if the lease term is longer than that stated on the offer).
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term is less than 125 years on a new build flat or 250 years on a new build house (does not apply to Shared Ownership)
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
What does a local search inform me about the property we're purchasing in Drakes Cross?
Drakes Cross conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search is essential in every Drakes Cross conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
My wife and I have a terraced Edwardian house in Drakes Cross. Conveyancing solicitor represented me and Santander. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the matching address. Is it worth asking Santander to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Drakes Cross and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing lawyer who conducted the purchase.
Due to the input of my in-laws I had a survey completed on a house in Drakes Cross in advance of instructing solicitors. I have been advised that there is a flying freehold element to the house. My surveyor advised that some banks will not grant a loan on such a house.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Drakes Cross. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Drakes Cross to see if the conveyancing costs will increase in light of this.