I am not in a position to travel far from Limbury. What is the rationale as to why all Limbury property lawyers are not on all mortgage company panels?
Banks ordinarily restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a practice needs to have two or more partners. As well as restricting the nature of firm, some have made a decision to restrict the number of organisations they permit to act for them. You should note that lenders have no responsibility for the standard of advice provided by any Limbury conveyancing practitioner on their approved list. Property fraud was the key driver in the reduction of solicitor panels a few years ago even though there are contrary assessments about the extent of solicitor involvement in some of that fraud. Data via HMLR exposes that thousands of conveyancing firms only carry out less than three conveyances annually. Those advocating conveyancing panel culls ask why conveyancing firms deserve claim to remain on a conveyancing panel when clearly property law is not their speciality?
I'm buying my first flat in Limbury benefiting from help to buy. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not to tell my lawyer about this deal as it could put at risk my loan with the lender. Should I keep quiet?.
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 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 £235,500 and found one near me in Limbury I like with amenity areas and station nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Limbury suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I have been pointed in your direction by a few estate agents in Limbury to select a conveyancer using your seach tool. What’s the financial upside for Estate Agents to offer your services over and above alternative conveyancing organisations?
We refuse to make any commission for directing people to this site. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Limbury. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Limbury are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Limbury in which case you should be looking for a Limbury conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I bought a basement flat in Limbury, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Limbury with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2085
With just 60 years left to run we estimate the price of your lease extension to range between £20,000 and £23,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. 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 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.
When it comes to my conveyancing in Limbury should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Limbury conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.