I am being advised by my conveyancer that restrictive coveneant insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Radcliffe?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
Intending to buy a maisonette in Radcliffe. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Radcliffe property lawyer is on the Principality conveyancing panel.
I have instructed a Radcliffe property lawyer having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Radcliffe postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Radcliffe.
I'm buying a new build house in Radcliffe with a loan from The Mortgage Works. The sellers would not move on the price so I negotiated £7000 of additionals instead. The house builders rep advised me not reveal to my lawyer about this side-deal as it may put at risk my mortgage with The Mortgage Works. 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.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Radcliffe is the location of the property. What do you suggest?
Flying freeholds in Radcliffe are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Radcliffe you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Radcliffe may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm remortgaging my existing home to a BTL mortgage with Godiva Mortgages Ltd and I will use the ballance of the raised equity as a deposit on another house. The neighborhood we are interested in is Radcliffe. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Do use our search tool on this page to ensure that the conveyancers are approved by both banks. Having checked that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and specify your expectations and needs.
I am employed by a busy estate agent office in Radcliffe where we have experienced a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Radcliffe conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a split level flat in Radcliffe, conveyancing formalities finalised in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Radcliffe with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2074
You have 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.