My partner and I are acquiring a newly built flat in Hampshire and my lawyer is telling me that she is duty bound to the lender to disclose incentives from the builder. I am on a tight deadline to exchange contracts and I have no desire to delay deal. Is my lawyer right?
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 requirements. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
There is lots of information on this site concerning conveyancing in Hampshire but can you isolate your top tip for finding the right conveyancer in Hampshire
We would encourage you not to base your choice on the cheapest Hampshire conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
We previously chose conveyancing lawyers locally in Hampshire on the TSB solicitor approved list. They have just billed me a separate sum for dealing with the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancing practitioner may charge a fee for this. This charge is not set by TSB but by your Hampshire lawyer. Plenty of firms on the TSB panel will levy ’dealing with mortgage’ fee and others do not.
Yorkshire BS have agreed my home loan in principle, my offer on a flat in Hampshire has been accepted, what are the next steps?
Your property agent will want to be informed of your conveyancer's details (ensure that the conveyancing practitioners are on the lender’s panel). Telephone Yorkshire BS or the broker and finalise any appropriate forms. Yorkshire BS will appoint a valuer who will get in touch with the selling agent or owners to book a slot for the valuation to occur. Once conducted (assuming no problems) it takes on average a week to receive the mortgage offer. Yorkshire BS will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hampshire.
Do commercial conveyancing searches disclose planned roadworks that could impact a commercial property in Hampshire?
Its becoming the norm that commercial conveyancing solicitors in Hampshire will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Hampshire. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hampshire.
For each commercial conveyancing transaction in Hampshire it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Hampshire commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Hampshire.
I am purchasing a new build house in Hampshire benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The property agent advised me not disclose to my lawyer about the side-deal as it may affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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 UK Finance website. UK Finance 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 using a search engine for the words on line conveyancing in Hampshire it shows results of numerous conveyancerslocally. With so much choice what is the best way to find the right solicitor for me?
The best method of choosing the right conveyancer is through a personal recommendation, so ask colleagues and those you trust who have purchased a property in Hampshire or a local estate agent or mortgage broker. Charges for conveyancing in Hampshire differ, so it's sensible to obtain a minimum of three fee calculations from different conveyancers. Dont forget to clarify what costs in the quote includes.
My partner and I may need to rent out our Hampshire ground floor flat for a while due to a new job. We instructed a Hampshire conveyancing practice in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Hampshire do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I inherited a basement flat in Hampshire, conveyancing was carried out 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Hampshire with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2103
With just 77 years remaining on your lease we estimate the price of your lease extension to range between £7,600 and £8,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other 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 based on this information before seeking the advice of a professional.