I am not in a position to travel far from Great Harwood. I would like to know the logic why all Great Harwood conveyancers aren't automatically on all mortgage company panels?
Before the recession most lenders demonstrated an attitude to risk which is different than today. The FSA in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the solicitors on your panel. Consequently, mortgage companies have since soughtmore information from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the lenders insisted on.
I'm buying a new build house in Great Harwood benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not reveal to my conveyancer about the side-deal as it could affect my mortgage with the lender. 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 have been on the look out for a flat up to £305k and found one near me in Great Harwood I like with open areas and station nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Great Harwood in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I was pointed in your direction by a number of selling agents in Great Harwood to find a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to promote your lawyers over and above a competitor’s?
We refuse to offer any referral fee for sending work our way. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Great Harwood. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Great Harwood ?
The majority of houses in Great Harwood are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Great Harwood so you should seriously consider looking for a Great Harwood conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
I own a studio flat in Great Harwood, conveyancing having been completed 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Great Harwood with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2087
With just 61 years unexpired the likely cost is going to be between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
What is the distinction between surveying and conveyancing in Great Harwood?
Conveyancing - in Great Harwood or elsewhere - is the process of legally transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re intending to buy and will help you discover the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the seller to remedy the defects prior to you move in.