I am about to put an offer on a leasehold property in Hedon. The selling agents tell me that it is the norm for flats in Hedon to have less than 75 years unexpired on the lease. I am expecting a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has 69 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining 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 23/9/2023 the requirements read as follows :
What will a local search inform me concerning the property we're buying in Hedon?
Hedon conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search plays an important role in many a Hedon conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (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 areas.
I am buying my first flat in Hedon benefiting from help to buy. The builders refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The estate agent told me not reveal to my solicitor about this side-deal as it will adversely affect my loan with Accord Mortgages Ltd. Do I keep my lawyer in the dark?.
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 pointed in your direction by numerous property agents in Hedon to choose a property lawyer on your site. Is there a financial inducement for Estate Agents to market your lawyers over a competitor’s?
We refuse to make any commission for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
In my capacity as executor for the estate of my father I am disposing of a house in Swansea but reside in Hedon. My lawyer (who is 250 kilometers from mehas requested that I sign a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing practitioner in Hedon to attest and place their company stamp on the document?
strictly speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are Hedon based