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Solicitors won't accept leasehold property certificates
ElementD posted a topic in Legal AdviceHi This is my first post, I am a first time buyer. I have been trying to buy a leasehold flat since January, the development is a 6 floor building built in 2017, the searches have been completed, no issues were picked up and the lender is happy with the EW1S. We were supposed to complete a few weeks ago and the lender even sent the money, but on the day before we were supposed to exchange my solicitor said that the seller's team had mistakenly stated that the building was not relevant to new legislation introduced this year, and in their opinion the building was in definitely relevant and would require additional certificates from the management company. Since then we have been in a stalemate, with the management company disputing that they need to provide any more documentation, and my solicitors unwilling to complete. Meanwhile other flats are selling and exchanging, even with mortgages from lenders. The seller has now withdrawn from the deal. I thought about using another solicitor that I knew was familiar with the building, but they sent a reply back stating that they were currently not acting in purchases of leasehold properties in buildings over 3 storeys high, "due to the complexity and uncertainty of the Buildings Safety Act 2022" What am I missing, my gut is telling me to find another property, however I really like the development and other properties are being purchased with mortgages, is my solicitor too cautious? Any advice would be greatly appreciated, thanks in advance
Hi all, I received the keys to my flat yesterday, I drove as fast as legally possible to get there, full of excitement. This is where I was met with this (see pictures attached). I just need to know where I stand and how I can get this issue fixed as it looks like its coming from the flat above! Has anyone else experienced a similar issue? What is your advice for me? Many Thanks in advance Josh.
Apartment Management Fees - Split
CH_ posted a topic in Legal AdviceHi All, Hoping someone can help, just about to complete on a one bed flat, the management fee seemed quite high for the size of property and looking at the lease it seems that the fee is split equally among apartments in the block regardless of size, so for this flat I pay the same amount as a 2 bed which is more or less twice the size. This seems unfair to me for obvious reasons and its obviously why the fee is on the high side. I've no experience with buying apartments and just wondered if this was normal, I always assumed it would be split based on square meter-age or at least number of beds? I'm also worried the split could potentially reduce the future value? I'm guessing if its in the lease it is set in stone and cant be changed? Just looking for thoughts on whether this is normal or not? TIA...
A Life Changing Decision
Toneekc posted a topic in Newbie Advice & SupportI'm 64 years old and my wife is 61, both in reasonable health, however, we are hoping to retire in 2018. For the last 30 years, my wife and I have run a Guest House. The building is quite large over four floors including a converted basement area with the land taken away from the gable end creating a large patio area for the basement. As you can imagine, this is a life changer for us; once we close the doors we stop our income. Scary. That's why I've joined this forum. The building is worth around £850,000.00 with no mortgage attached. The location is a south Manchester suburb with very good transport links into the city 5.9 miles away; including a metro stop just a 9-minute walk away (no not 10, 9 ) which take 12 minutes into the city. We have savings of £150,000, a private pension of £3700 per year with my state pension due in Jan 2018 and my wife’s due in Feb 2022 and a small pension due in 2023 of £4700 per year. We have two options: To sell, buying a place for our selves with the proceeds of the sale, say £400.000 and invest the rest hoping for a minimum yearly income of 4% on £400,000. (£1,300.00 per month including fees) To redevelop the building; creating just 4 luxury apartments (very large, one per floor). With a minimum rental income of £1000 per unit. The question is what would be the most prudent way of setting up option 2 . Option 1 Is pretty straightforward, however, we would end up with the main part of our retirement income being susceptible to fund managers decisions and stock market fluctuation (little control). Option 2 As a couple of potions its self : a) We move out into my wife’s brother house with them, for a good 6 months or we rent at £700 per month. We use our saving to redevelop hoping £150,000 will be enough, to leave us with no loans or mortgage to repay. Once the work is completed we take on one of the apartments. Reducing our income from £4000pm to £3000pm. Asset wise we will have the proceeds from the sale of a property to pass on to our sons. We have tree boys all in there 30's. The first two we help to buy their houses. The oldest bought for £62,000 the second bought at £162,000 and the third is having a hard time with the average house around Manchester at £250,000. We could sell one apartment to him for £150,000 through his own mortgage. After inviting 7 estate agents in round 18 months ago the average sales price of each apartment was £250.000. This will generate another £150,000 in the pot which would secure the development costs and also could be used as a deposit on a house for our selves with repayments met by are overall income. The thought being our youngest son can sell or rent out his apparent to help fund a house for himself. Asset wise we would have three apartments at a minimum sales price of £750,000 and the equity on the house we would buy. The three apartments would act as security on any loan we require for a house. This is just my thoughts. I would love it if someone told me it's a load of rubbish and came up with a fantastic new way of looking at it. We rented out a number of properties in the seventy's all to students, so a little experience, but need to get up to speed with todays letting market. The Planning decision is on the 5th October, in which we envisage no problems. If we decide against the development the building will be sold with planning permission. Other factors, My wife is scared stiff.
Newbie - 23y/o with 1 property and counting
eamonHeggarty posted a topic in Introduce yourselfHi All, New to this. I am 23 from Northern Ireland, live and work in Dubai and recently bought an off-plan city center property in Birmingham. After graduating from University i secured my self a job in Dubai and have been here for 1 year. I have always been passionate about property and educated my self a lot about this industry (which i work in also) Can i just have your thoughts on this investment and future predictions of the Birmingham market: 1 Bed apartment - 550sf Fully furnished to a high spec Build completion - Q4 2017 Rental Package - guaranteed 5 years of rental income Cost - £120,000 (due to it being off plan this price is already 20% under current market value and not Q4 2017 market value) Rent per month - £750 Management fee - 8% Payment scheme - 30% deposit is covered over the build period through monthly payments by me. Mortgage (after build is complete) 70% - £350/month (predicted) Thanks, Eamon