Why do I have to pay up front when it comes to conveyancing in Downton?

If you are buying a property in Downton your solicitor will ask you place them with monies to cover the search fees. Ordinarily this is needed to cover the fees of the Local Authority Search. If any deposit is payable against the sale price then this will be needed shortly in advance of contracts are exchanged. The final balance that is needed should be transferred a couple of days ahead of the completion date.

We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would much rather use a local conveyancing solicitor in Downton?

You should check but the chances are that allocate you one of their panel solicitors should you take up the "fee-free" offer. Call the lender and determine if they make available a monetary alternative. Some banks have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Downton.

I am purchasing my first flat in Downton benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The estate agent told me not inform my solicitor about this deal as it could put at risk my mortgage with the lender. 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.

My husband and I are first time buyers - agreed a price, yet the property agent told us that the seller will only issue a contract if we use the agent's preferred solicitors as they want a ‘quick sale’. Our preferred option is to instruct a local conveyancer used to conveyancing in Downton

It is improbable the owners are behind this. If they require ‘a quick sale', taking such a hostile approach to a serious buyer is counter productive. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you intend to use your preferred Downton conveyancing lawyers - not the ones that will earn the estate agent a commission or achieve conveyancing figures demanded by head office.

I am attracted to a two apartments in Downton both have approximately forty five years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Downton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Downton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Downton Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

This information is useful as a) areas can cause problems in the building as the communal areas may start to deteriorate where repairs are not paid for b) if the leasehold owners have an issue with the managing agents you will need to know about it You should want to discover as much as you can about the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to practical matters such as the tidiness of the communal areas. Ask other people whether they are happy with their service. On a final note, be sure you discover the dates that the service fees are due to the relevant party and specifically what you get for your money. Who takes responsibility for maintaining and repairing the block?