I am purchasing my first flat in Plymstock with a loan from Chelsea Building Society. The builders refused to reduce the price so I negotiated 6k of extras instead. The sale representative told me not to tell my lawyer about this side-deal as it will affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Plymstock is where the house is located. What do you suggest?
Flying freeholds in Plymstock are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Plymstock you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plymstock may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be concerned by estate agents that I am dealing with are recommending an internet conveyancing firm rather than a local Plymstock conveyancing company?
As with lots of professional services, often recommendations from relatives can be worth their weight in gold. Yet there are many parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to retain. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You have the right to select your own lawyer. However, bear in mind that many lenders specify a panel list of law firms you must use for the lender aspect of your house move.
My husband and I are FTB’s - agreed a price, yet the agent told us that the owners will only go ahead if we appoint the agent's preferred lawyers as they are insisting on an ‘expedited deal’. We would rather use a high street solicitor with experience of conveyancing in Plymstock
We suspect that the owner is not behind this ultimatum. If they require ‘a quick sale', taking such a hostile approach to a motivated purchaser is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you intend to use your own,trusted Plymstock conveyancing firm - not the ones that will earn the estate agent a kickback or hit his conveyancing figures demanded by corporate headquarters.
I am employed by a reputable estate agency in Plymstock where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Plymstock conveyancing firms. Please can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a studio flat in Plymstock, conveyancing was carried out January 2012. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Plymstock with an extended lease are worth £191,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2078
With 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
There are a number of properties in Plymstock on private lanes. We are purchasing such a house. Are there any benefits to buying a residence on a private road?
Plymstock conveyancing firms will be well versed in transacting houseson private. Your lawyer should review the title to find any rights or liabilities. It is possible that there is a residents association that residents pay into for the upkeep of the road. Where one exists, the road will likely be maintained and appear better than council maintained.