My wife and I are buying a new build duplex in Fairfield and my solicitor is telling me that she has to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to exchange contracts and I have no desire to prolong matters. is my lawyer playing by the book?
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 provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My father informed me that in purchasing a property in Fairfield there may be a number of restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Fairfield which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Fairfield should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am expecting a DIP from Barclays this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any Fairfield solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Fairfield solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Fairfield solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Fairfield surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Me and my brother purchased a terraced Georgian property in Fairfield. Conveyancing lawyer acted for me and HSBC Bank. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fairfield and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing lawyer who conducted the conveyancing.
I am purchasing my first flat in Fairfield with a mortgage from Bank of Scotland. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not inform my lawyer about the deal as it would put at risk my mortgage with Bank of Scotland. Do I keep my lawyer in the dark?.
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 decided to have a survey done on a house in Fairfield before instructing solicitors. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies may refuse to grant a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Fairfield. Conveyancing may be slightly more expensive based on your lender's requirements.
Due to sign contracts shortly on a leasehold property in Fairfield. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Fairfield should include some of the following:
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Where does the liability rest to repair and maintain the building. It is essential for you to know which party is liable for the repair and maintenance of every part of the building Information concerning the obligations as set out in the lease to pay service charges - in respect of the block, and the wider rights a lessee enjoys What remedies are open the freeholder should you are in breach of your lease terms? Does the lease prevent you from letting out the flat, or working from home It needs to be made clear to you whether the lease allows you to add or upgrade aspects of the property- you should be made aware as to whether it applies to all alterations or just structural alteration, and whether licences for alterations is required
I am the registered owner of a 2 bed flat in Fairfield, conveyancing formalities finalised in 2001. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Fairfield with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2080
With just 54 years unexpired we estimate the price of your lease extension to span between £32,300 and £37,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.