We are about to complete buying a house in Broadstairs but as a consequence of wreckage from some water damage at the property I have was able negotiate reparation from the owner of three thousand pounds in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process but Yorkshire BS are not allowing this. Why were they approached?
Your conveyancing practitioner being on a Yorkshire BS conveyancing panel is obliged to disclose to Yorkshire BS of any variations to the sale price. If you were to refuse your conveyancing practitioner to notify the price change to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new conveyancing practitioner for your conveyancing in Broadstairs.
I own a freehold premises in Broadstairs but nevertheless pay rent, why is this and what is this?
It is rare for properties in Broadstairs and has limited impact for conveyancing in Broadstairs but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
What can a local search tell me about the house my wife and I purchasing in Broadstairs?
Broadstairs conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company such as Searches UK The local search plays a central part in many a Broadstairs conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
Are there restrictive covenants that are commonly identified as part of conveyancing in Broadstairs?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Broadstairs. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Broadstairs with a mortgage from The Mortgage Works. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not to tell my lawyer about the deal as it may adversely affect my loan with the bank. 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.
What makes a Broadstairs lease unmortgageable?
Leasehold conveyancing in Broadstairs is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building Service charge per centages that don't add up correctly leaving a shortfall
You could 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. Santander, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I acquired a basement flat in Broadstairs, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Broadstairs with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2080
With only 54 years left to run the likely cost is going to span between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.