My husband and I are buying a brand new flat in Addington and my conveyancer is informing me that she has to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to sign contracts and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Why do I have to pay up front for my conveyancing in Addington?
Where you are retaining lawyers for conveyancing in Addington your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the purchase price then this will be asked for immediately in advance of contracts are exchanged. The closing balance that is needed should be sent to your lawyer shortly before completion.
What can a local search tell me concerning the property my wife and I buying in Addington?
Addington conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for example Xpress Legal The local search is essential in every Addington conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the property (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 thirteen subject areas.
I'm purchasing a new build house in Addington with a loan from Barclays Direct. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The property agent advised me not disclose to my solicitor about this extras as it would put at risk my loan with the lender. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Addington is where the house is located. Can you offer any advice?
Flying freeholds in Addington are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Addington you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Addington may ascertain 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.
Estate agents have just been given the go-ahead to market my garden apartment in Addington. Conveyancing lawyers have not yet been instructed, but I have recently received a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the maintenance contribution as normal because all ground rent and service charges will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Addington conveyancing firm to help?
Absolutely. We are happy to put you in touch with a Addington conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Addington residence is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case was in relation to 2 flats. The unexpired lease term was 76.75 and 88.83.