I am buying my first flat in Brackley with the aid of help to buy. The developers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about the deal as it could impact my mortgage with the lender. Should I keep quiet?.
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 am looking for a flat up to £195,000 and found one near me in Brackley I like with a park and station nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Brackley in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I was recommended by numerous property agents in Brackley to find a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to market your lawyers over and above another?
We don’t make any referral fee for sending work our way. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to retain a conveyancing solicitor for remortgage conveyancing in Brackley. I have discover a web site which looks to be the perfect solution If there is a chance to get all this stuff done via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I’m about to sell my basement flat in Brackley. Conveyancing lawyers have not yet been instructed, however I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you pay the maintenance contribution as you normally would as all ground rent and maintenance payments will be apportioned 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 management companies will not acknowledge the buyer unless 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 bought a 2 bed flat in Brackley, conveyancing formalities finalised in 1995. How much will my lease extension cost? Corresponding properties in Brackley with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2075
With only 51 years remaining on your lease we estimate the premium for your lease extension to be between £30,400 and £35,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
I have just started marketing my garden flat in Brackley.Conveyancing has not commenced however 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 pay the maintenance contribution as usual as all ground rent and maintenance charges will be apportionedon completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice 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