I am buying a newly constructed apartment in Lostwithiel and my solicitor is advising me that she has to the bank to reveal incentives from the developer. The Estate Agents are hassling me to sign contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
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.
After scouring moneysavingexpert.com for a conveyancing solicitor in Lostwithiel, many post that I should look for a CQS assured solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard 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 prudent and efficient conveyancing processes through the scheme protocol Membership includes many companies who conduct conveyancing in Lostwithiel.
Me and my brother own a renovated Georgian property in Lostwithiel. Conveyancing practitioner acted for me and Birmingham Midshires. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold under the exact same address. Is it worth asking Birmingham Midshires to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lostwithiel and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing lawyer who carried out the work.
I'm purchasing my first flat in Lostwithiel with a mortgage from National Westminster Bank. The developers refused to reduce the price so I negotiated £7000 of extras instead. The estate agent suggested that I not reveal to my solicitor about the side-deal as it could jeopardize my mortgage with the bank. 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 opted to have a survey done on a property in Lostwithiel prior to appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lostwithiel. Conveyancing may be slightly more expensive based on your lender's requirements.
Back In 2005, I bought a leasehold flat in Lostwithiel. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Lostwithiel who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Lostwithiel conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Lostwithiel Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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How many years are left on the lease? How many of the leaseholders are in arrears for their maintenance charge payments? You should be aware if it is no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your bank that they are happy with the length of the lease. A short lease means that you will most likely require a lease extension at some point and it is worth finding out how much this will be. For most Lostwithiellease extensions you will need to own the residence for two years before you are eligible to carry out a lease extension.