My partner and I are acquiring a newly built apartment in Old Ford and my lawyer is informing me that she is duty bound to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I would rather not 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 specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all mortgage companies provide you with an approved list of Old Ford conveyancing solicitors? How do you know who is on the Kent Reliance conveyancing panel?
Old Ford conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
I am purchasing a new build house in Old Ford with the aid of help to buy. The developers refused to budge the price so I negotiated £7000 of extras instead. The property agent advised me not reveal to my lawyer about the side-deal as it would put at risk my loan with the lender. Should I keep quiet?.
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.
I am looking for a ground for flat up to £305k and found one round the corner in Old Ford I like with a park and station nearby, however it's only got 61 years unexpired on the lease. There is not much else in Old Ford in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises 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 speak to your conveyancing lawyer concerning this.
My wife and I purchased a leasehold house in Old Ford. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Old Ford who previously acted has long since retired. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Old Ford conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Old Ford conveyancing firm to assist?
Most definitely. We can put you in touch with a Old Ford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Old Ford premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
My partner is buying a garden flat in Old Ford. He has received a fee estimate by the conveyancer connected to the selling agents and it came to £1156 . It was eight years ago since I sold and purchased a house and it cost was £495. Have costs really escalated to that extent?
You should visit 3 or 4 local Old Ford conveyancing firms requesting estimates. You should base your choice not just on cost, but on promptness and on how comprehensive the reply was.