I am hoping to receive a offer of a home loan from Nat West. I hope to enlist the help of a Licensed Conveyancer in Dukinfield. Does the Nat West Conveyancing panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
We have very brash vendors who has suggested a exclusivity contract with a down payment two thousand pounds. Is it wise to enter into such agreements?
Lock out agreements are contracts binding a property owner and purchaser granting the buyer the sole right to the sale of the premises for a certain period of time. Essentially, an exclusivity is a document stating that you will have a contract at a later time which is the contract for the actual sale. It tends to be utilised for buyer protection though in some cases, the owner may enjoy an upside from such agreements as well. There are many positives and negatives to having an agreement but you should to check with your conveyancer but note that it may end up costing you more in conveyancing fees. In light of this these agreements are avoided in relation to conveyancing in Dukinfield.
I am in the process of refinancing my property in Dukinfield, does my lawyer have to be on the UBS Conveyancing panel?
In theory, you could use a solicitor that is not on the UBS conveyancing panel, but UBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am purchasing my first flat in Dukinfield with a mortgage from Nationwide Building Society. The developers would not budge the price so I negotiated 6k of extras instead. The property agent suggested that I not to tell my lawyer about this extras as it would put at risk my mortgage with the bank. 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 have been on the look out for a ground for flat up to £305k and identified one close by in Dukinfield I like with amenity areas and transport links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Dukinfield in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
What advice can you give us when it comes to choosing a Dukinfield conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Dukinfield conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Dukinfield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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If they are not ALEP accredited then what is the reason? Can they put you in touch with clients in Dukinfield who can give a testimonial?
Leasehold Conveyancing in Dukinfield - A selection of Questions you should ask Prior to buying
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You should want to find out as much as possible concerning the managing agents as they will either make life much simpler or problematic. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily matters such as the cleanliness of the common parts. You should not be shy to ask other people if they are happy with their service. On a final note, be sure you know the dates that the maintenance charges are due to the appropriate party and specifically how they are spending the funds. The majority of Dukinfield leasehold flats will have a service charge for maintenance of the building levied on behalf of the freeholder. Should you purchase the property you will have to pay this contribution, usually in instalments throughout the year. This can vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a rentcharge to be met yearly, this is usually not a significant figure, say about £25-£75 but you should to check it because on occasion it can be surprisingly expensive. Is there a share of the freehold?