About to place a bid on a leasehold apartment in Bawtry. The estate agents assure me that it is standard for flats in Bawtry to have less than 75 years unexpired on the lease. I am taking out a loan with Bank of Ireland. Will the property be mortgageable given that the lease has Seventy One years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 8/11/2024 the requirements read as follows :
What can a local search tell me regarding the property my wife and I buying in Bawtry?
Bawtry conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company such as Searchflow The local search is essential in every Bawtry conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search should provide data on, amongst other things, details on planning applications applicable to the premises (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 13 subject headings.
I used Arc property Solicitors a few years past for my conveyancing in Bawtry. Now, I need the files but cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bawtry of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Bawtry with a loan from Skipton Building Society. The builders would not move on the price so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my lawyer about the deal as it could put at risk my mortgage with Skipton Building Society. Do I keep my lawyer in the dark?.
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 decided to have a survey done on a property in Bawtry ahead of instructing solicitors. I have been advised that there is a flying freehold element to the property. My surveyor has said that some mortgage companies tend refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bawtry. Conveyancing may be slightly more expensive based on your lender's requirements.