A friend advised me that if I am purchasing in Honiton I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Honiton conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Honiton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Honiton Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Honiton.
I completed on my home on 1 June and the transaction details is yet to be registered. Need I be worried? My conveyancing solicitor in Honiton advises it would be registered in less than a month. Are properties in Honiton particularly slow to register?
As far as conveyancing in Honiton registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can adjust subject to the party submitting the application, whether it is in order and if the Land registry need to notify any 3rd persons or bodies. As of today roughly 80% of such applications are fully dealt with in less than three weeks but some can be subject to longer delays. Historically registration takes place once the new owner has moved in to the property so an expedited registration is not always an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers could speak with the land registry and explain the circumstances.
I'm buying my first flat in Honiton with a loan from Chelsea Building Society. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not disclose to my lawyer about the deal as it could put at risk my loan with the lender. Is this normal?.
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.
Do I need to be suspicious about estate agents that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Honiton conveyancing firm?
As with lots of service providers, often suggestions from relatives can be extremely useful or valuable. But there are lots of players in a conveyancing matter; estate agents, financial adviser and mortgage companies may recommend solicitors to appoint. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the recommendation. You are at liberty to select your preferred conveyancer. You need to be aware that many lenders specify a panel list of solicitors you have to use for the mortgage related work in your transaction.
Are there frequently found defects that you witness in leases for Honiton properties?
There is nothing unique about leasehold conveyancing in Honiton. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
I acquired a ground floor flat in Honiton, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Honiton with over 90 years remaining are worth £176,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2101
With 80 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as 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 are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.