I am buying a newly constructed duplex in Plymstock and my lawyer is advising me that she is duty bound to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to exchange and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. 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 the Building Society Association intend to launch a search tool with a view to to identify firms on the Earl Shilton BS conveyancing panel for instance in Plymstock?
We would not expect to be advised of any plans on the part of the BSA to develop such a search facility.
My friend recommended that if I am purchasing in Plymstock I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Plymstock conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Plymstock around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Plymstock Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information regarding Plymstock.
4 months have gone by since my purchase conveyancing in Plymstock took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Plymstock with a loan from National Westminster Bank. The builders would not budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not to tell my lawyer about the side-deal as it will impact my mortgage with National Westminster Bank. 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 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 hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Plymstock. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Plymstock are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Plymstock in which case you should be shopping around for a Plymstock conveyancing solicitor and be sure that they have experience in transacting on 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 for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I invested in buying a 1 bedroom flat in Plymstock, conveyancing was carried out 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Plymstock with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2080
With only 55 years left to run we estimate the price of your lease extension to range between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.