I am expecting a mortgage with Santander. I hope to retain the legal services of a Licensed Conveyancer in Newquay. Does the Santander Conveyancing panel include conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I have been told that property searches are the number one cause of stalling in Newquay conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Newquay.
I am buying my first flat in Newquay with a mortgage from Godiva Mortgages Ltd. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not disclose to my conveyancer about this side-deal as it would jeopardize my loan with Godiva Mortgages Ltd. 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.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Newquay I like with a park and station nearby, however it only has 61 years on the lease. There is not much else in Newquay for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Can you provide any top tips for leasehold conveyancing in Newquay from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Newquay can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. Many freeholders or Management Companies in Newquay charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Newquay.
Leasehold Conveyancing in Newquay - Sample of Questions you should ask before Purchasing
It is important to be aware if redecorating or some other significant cost is due shortly to be shared amongst the leasehold owners and will materially increase the the service charges or necessitate a specific invoice. The majority of Newquay leasehold flats will be liable to pay a service charge for maintenance of the building levied on behalf of the freeholder. If you purchase the property you will have to meet this amount, usually in instalments accross the year. This could differ from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all probability there will be a ground rent to be met yearly, normally this is not a significant sum, say around £25-£75 but you need to enquire as on occasion it can be prohibitively expensive. This question is useful as a) areas can cause problems in the block as the communal areas may begin to deteriorate if services are not paid for b) if the tenants have a dispute with the running of the building you will wish to have complete disclosure