I'm buying a new build house in Ealing benefiting from help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not reveal to my conveyancer about this side-deal as it would adversely affect my loan with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Ealing is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ealing are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ealing you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ealing may decide 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 property.
Should I be suspicious by third parties that I am dealing with are suggesting a factory type conveyancing firm rather than a High Street Ealing conveyancing firm?
As with lots of professional services, often referrals from relatives can be worth their weight in gold. Nevertheless there are lots of people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest solicitors to use. On occasion these conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the recommendation. You are free to select your preferred conveyancer. Don't forget that many mortgage providers operate an approved list of conveyancers you have to use for the lender related work in your house move.
We're first time buyers - agreed a price, but the selling agent advised that the owners will only issue a contract if we appoint their recommended conveyancers as they want a ‘quick sale’. We would rather use a local solicitor accustomed to conveyancing in Ealing
It is unlikely the sellers are driving this. If they desire ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Ealing conveyancing solicitors - rather thanthe ones that will provide their estate agent a commission or meet his conveyancing thresholds set by HQ.
I am hoping to sign contracts shortly on a garden flat in Ealing. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Ealing should include some of the following:
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You should be sent a copy of the lease Repair and maintenance of the premises How long the lease is. You should receive guidance as what happens when the lease expires, and aware of the importance of the 80 year mark Details of the parties to the lease, for instance these could be the tennant, head lessor, landlord The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
After years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Ealing. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to decide the premium.
An example of a Lease Extension matter before the tribunal for a Ealing residence is Flat 4 38 The Mall in April 2014. the Tribunal held that the premium payable for the lease extension to be £25,451 This case affected 1 flat. The unexpired term as at the valuation date was 68.7 years.
What are the specific benefits to choosing a local solicitor in Ealing
A significant proportion of house movers in Ealing prefer a local conveyancing practitioner so that they can visit if they have concerns, and to sign mortgage deeds rather than relying on the Royal Mail.
There is a slight benefit when opting for a conveyancer local to the premises you are hoping to purchase, due to the knowledge of the region and possible local concerns - however this is debatable. Most conveyancers conduct their communications by way of email and may be almost anywhere.