Our solicitor has discovered a a legal deficiency with the lease for the flat we are buying in Cudham. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the bank is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
I am buying a new build house in Cudham benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not disclose to my lawyer about this extras as it would affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 ground for flat up to £305k and identified one close by in Cudham I like with a park and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Cudham for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I am looking to sell my property. My former lawyers have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Cudham if that makes a difference.
You should use our search tool to help you choose a solicitor for your conveyancing in Cudham. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I have been sourcing a conveyancing practitioner in Cudham for my home move. Is it possible to review a solicitor's record with the profession’s regulator?
Anyone can search for documented Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after Jan 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator could recorded telephone calls for training requirements.
We expect to complete the sale of our £300,000 garden flat in Cudham on Friday in a week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Cudham?
Cudham conveyancing on leasehold maisonettes often involves the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be content to assist. They are entitled to charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to complete the sale of your home.
Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Cudham. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price.
An example of a Lease Extension decision for a Cudham property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The remaining number of years on the lease was 50.57 years.