I have been told that property searches are the number one cause of hinderance in Boston house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Boston.
My wife and I have a 4 bedroom Georgian property in Boston. Conveyancing lawyer acted for me and Nottingham Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Boston and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing solicitor who conducted the conveyancing.
I am purchasing a new build house in Boston with a loan from Virgin Money. The sellers would not budge the price so I negotiated £7000 of additionals instead. The sale representative advised me not inform my conveyancer about this side-deal as it would jeopardize my mortgage 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.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Boston is the location of the property. Can you shed any light on this issue?
Flying freeholds in Boston are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Boston you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Boston 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 residence.
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At this site obtain an accurate quote from a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Boston. Unlike many estate agents and many comparison sites we are not in the business of charging firms a commission if you appoint them for your property ownership legalities in Boston