My partner and I are buying a brand new flat in Ottery St Mary and my conveyancer is telling me that she has to the lender to reveal incentives from the developer. I am under pressure to exchange contracts and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been told that property searches are the primary cause of stalling in Ottery St Mary house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Ottery St Mary.
Due to the guidance of my in-laws I had a survey completed on a property in Ottery St Mary before instructing conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some lenders will refuse to issue a loan on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you contact us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ottery St Mary. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ottery St Mary to see if the conveyancing will be more expensive.
I'm converting the mortgage on my current property to a buy to let mortgage with Birmingham Midshires and intend to use the remaining equity as a deposit on further house. The area we are looking at is Ottery St Mary. Will your solicitors be able to act for the two lenders and tie in the transactions?
Do use our comparison tool on this page to ensure that the lawyers are approved by both banks. On the basis that they are your lawyer should be able to connect the two deals but you should talk with you lawyer and communicate your expectations and requirements.
I am intending to let out my leasehold apartment in Ottery St Mary. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Ottery St Mary conveyancing solicitor is not around you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission via your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent should not be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
Ottery St Mary Leasehold Conveyancing - Examples of Questions you should consider before buying
Generally speaking the outlay for major works tend not to be incorporated into the service charges, albeit that a few managing agents in Ottery St Mary require tenants to contribute towards a reserve fund created for the specific intention of establishing a fund for major repairs or maintenance. Most Ottery St Mary leasehold apartments will be liable to pay a service bill for the upkeep of the block invoiced on behalf of the landlord. Where you buy the flat you will have to pay this liability, usually periodically accross the year. This could be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent to be met annual, this is usually not a large figure, say around £50-£100 but you need to check as on occasion it can be surprisingly expensive. This information is useful as a) areas may result in problems for the block as the common areas may start to deteriorate where repairs are not paid for b) if the tenants have an issue with the managing agents you will want to have all the details