My partner and I are buying a newly constructed apartment in Chorleywood and Rickmansworth and my solicitor is telling me that she is duty bound to the bank to reveal incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold residence in Chorleywood and Rickmansworth but still charged rent, why is this and what is this?
It is rare for properties in Chorleywood and Rickmansworth and has limited impact for conveyancing in Chorleywood and Rickmansworth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I'm buying my first flat in Chorleywood and Rickmansworth benefiting from help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my conveyancer about the side-deal as it may impact my mortgage 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.
I opted to have a survey done on a property in Chorleywood and Rickmansworth prior to instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks will refuse to give a loan on a flying freehold home.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Chorleywood and Rickmansworth. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Chorleywood and Rickmansworth and I am already nervous. I couldn't find anything specific about Chorleywood and Rickmansworth. Conveyancing will be needed in due course but do you know about the Chorleywood and Rickmansworth area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chorleywood and Rickmansworth. In the meantime here are some basic statistics that we found
I need to instruct a conveyancing solicitor for freehold conveyancing in Chorleywood and Rickmansworth. I've discover a web site which appears to be the perfect answer If it is possible to get all the legals completed via web that would be preferable. Do I need to be concerned? What should out be looking out for?
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?