Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when acquiring a property in Hitchin?
Unless a prior acquisition of the house took place after 12 October 2013 you could take it that solicitors delivering conveyancing in Hitchin to remain encouraging a chancel search and or chancel repair liability policy.
I'm purchasing my first flat in Hitchin with a mortgage from Barclays Direct. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about this side-deal as it will affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 £235,500 and identified one near me in Hitchin I like with amenity areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Hitchin suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Last October I purchased a leasehold house in Hitchin. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Leasehold Conveyancing in Hitchin - A selection of Queries Prior to Purchasing
How many of the leaseholders are in arrears for their service charge payments? The best form of lease arrangement is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and although a managing agent is often retained where the building is bigger than a house conversion, the managing agent is directed by the tenants. For most Hitchin leaseholds the cost for major works are not incorporated into the maintenance charges, albeit that a few managing agents in Hitchin require leasehold owners to pay into a reserve fund created for the specific purpose of building a fund for major works.
Should I stop the direct debit for my mortgage with UBS as soon as a completion date for my home sale in Hitchin has been set?
No, you must maintain meeting any mortgage sums to UBS until the mortgage is discharged out of the proceeds of sale as part of your Hitchin conveyancing.