Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Solva. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/7/2019, the requirements read as follows :
Various online forums that I have visited warn that are the primary reason for hinderance in Solva house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Solva.
I'm purchasing a new build house in Solva with a loan from Lloyds TSB Bank. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not to tell my conveyancer about the deal as it will put at risk my mortgage with the bank. Is this normal?.
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.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Solva is the location of the property. Is there any advice you can give?
Flying freeholds in Solva are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Solva you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Solva may decide 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 property.
Do you have any advice for leasehold conveyancing in Solva from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Solva can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ lawyers. Some Solva leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. 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 lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is unsettled. You may need to swallow your pride and pay 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled. In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Solva state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such changes. If you dont have the paperwork to hand you should not contact the landlord without checking with your conveyancer before hand.
I purchased a ground floor flat in Solva, conveyancing formalities finalised October 2004. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Solva with over 90 years remaining are worth £211,000. The ground rent is £50 yearly. The lease ends on 21st October 2087
You have 68 years unexpired the likely cost is going to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.