My wife and I are purchasing a brand new flat in Kemp Town and my solicitor is informing me that she is duty bound to the mortgage company to reveal incentives from the developer. I am under pressure to sign contracts and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank 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.
Having invested time scouring online forums for an affordable solicitor in Kemp Town, most advise that I must use a CQS assured lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to best practice conveyancing processes through the scheme protocol Membership covers numerous organisations who carry out conveyancing in Kemp Town.
Will our solicitor be raising questions regarding flooding during the conveyancing in Kemp Town.
Flooding is a growing risk for lawyers dealing with homes in Kemp Town. There are those who purchase a property in Kemp Town, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a various searches that can be undertaken by the purchaser or by their lawyers which should figure out the risks in Kemp Town. The conventional set of information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer may issue a claim for damages as a result of such an incorrect reply. The purchaser’s lawyers will also carry out an environmental report. This will reveal whether there is any known flood risk. If so, more detailed inquiries should be initiated.
I am buying a new build house in Kemp Town with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The property agent advised me not to tell my lawyer about this extras as it could jeopardize my mortgage with the lender. 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.
Due to the input of my in-laws I had a survey completed on a property in Kemp Town prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies will refuse to give a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kemp Town. Conveyancing will be smoother if you use a solicitor in Kemp Town especially if they are accustomed to such properties in Kemp Town.
I am looking at a two flats in Kemp Town both have in the region of forty five years left on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field.
I own a 1 bedroom flat in Kemp Town, conveyancing formalities finalised July 2007. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Kemp Town with a long lease are worth £191,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2079
With 54 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.