“Ask the Expert” Get all your legal questions answered by our
expert Solicitor Sheldon Owen, Conveyancing Solicitor at Bowden Jones Solicitors, Swansea.
Q: I am selling my house that has Japanese Knotweed in the garden. Te Company I hired are 16 months into a 3 year plan to clear the problem but, will this affect my Buyer getting a Mortgage?
A: Japanese Knotweed is the UK’s most invasive non-native plant that can cause damage to buildings, underground services and landscaped surfaces. Te Mortgage Lender’s Valuer would need to note its existence in their report. It is worth noting that some Lenders may refuse to lend on a Property affected by Japanese Knotweed. Other Lenders though may take a more lenient approach where Knotweed is in the process of being eradicated by a reputable Company offering a Guarantee upon conclusion of their work.
Q: How do I buy a property at auction?
A: You must firstly decide whether you can afford to purchase a property at auction and
also consider why the Property is being sold by this method rather than an Estate Agent. You may be in a position where you can buy without obtaining a Mortgage. However, if you require a Mortgage then, you must have obtained a Mortgage Offer in Principle and Mortgage Valuation before the auction takes place. You should also obtain your own independent survey and contact a Solicitor to review the auction pack. Te auction pack will include the draſt contract, title, property information forms and search results and the Solicitor will need to ensure there are no title defects or issues and raise any pre- contract enquiries with the Seller(s) Solicitors before the auction takes place. If your bid is successful then you must sign the Contract and pay a non-refundable 10% deposit on the day of the auction in cleared funds (i.e. not a cheque) and are legally committed to pay the balance of the purchase price within the time frame stipulated in the Contract, which is usually 28 days following exchange. You will
need to notify your Mortgage Lender and your Solicitor will need to draw down the Mortgage Advance before completion. Stamp Duty Land Tax may be payable at 3% on the property’s value if you will own two properties on the day completion takes place.
If you require more detailed advice then please get in touch with our Conveyancing Team by calling 02920 484550 or by visiting
www.bowdenjones.co.uk/conveyancing.
New Homes Wales and the South West
13
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48
