My partner and I are nearing an exchange on a property in Kingsthorpe and my parents have sent the ten percent deposit to my conveyancer. I am now told that as the deposit has not come from me my lawyer needs to make a notification to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancer is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We are downsizing from our home in Kingsthorpe and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any local lawyer would know that there is no such problem. It does beg the question why the buyers instructed an online conveyancing outfit rather than a conveyancing solicitor in Kingsthorpe. Having lived in Kingsthorpe for 4 years we know that this is a non issue. Should we get in touch with our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm buying a new build house in Kingsthorpe with a mortgage from The Mortgage Works. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not to tell my lawyer about this deal as it would adversely affect my loan with The Mortgage Works. 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 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.
Due to the input of my in-laws I had a survey completed on a property in Kingsthorpe ahead of appointing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some lenders may not issue a loan on this type of premises.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. If you contact us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kingsthorpe. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Kingsthorpe cover?
Kingsthorpe conveyancing for business premises incorporates a broad range of guidance, provided by qualified solicitors, relating to business property. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I own a leasehold flat in Kingsthorpe. Conveyancing was finalised in last year. I have been told that I should not allow the the remaining lease term to fall too short. Why is that a problem?
Kingsthorpe leasehold properties are for a prescribed term - often just under one hundred years when they commenced. However a significant appartments in Kingsthorpe were constructed or converted 20 or more years ago and so these leases now have fewer than eighty years unexpired. This may sound like a long time however Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To increase your property value you should be considering whether or not to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease reaches even eighty years as when the lease is below eighty years the amount to be paid to extend starts to escalate.