We are buying a newly constructed apartment in Radford and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the developer. I am under pressure to exchange contracts and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
The deeds to our home can not be found. The solicitors who did the conveyancing in Radford 4 years ago no longer exist. What are my next steps?
These day there are copies made of almost everything, and your lawyer will know precisely where to locate all the suitable documentation so you can purchase or sell your house without any difficulty. Where duplicates can’t be located, your lawyer can arrange cover in the form of insurance or indemnities protecting you against future claims on the premises.
I am purchasing a new build house in Radford with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The property agent told me not reveal to my lawyer about the extras as it may affect my loan with the bank. 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've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Radford is where the house is located. Can you shed any light on this issue?
Flying freeholds in Radford are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Radford you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Radford may ascertain 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 residence.
I need to find a conveyancing solicitor for some conveyancing in Radford. I've stumble upon a web site which appears to be the perfect solution If it is possible to get all the legals completed via email that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I own a leasehold flat in Radford. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Radford who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to instruct a Radford conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 2 bed flat in Radford, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Radford with over 90 years remaining are worth £206,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2091
With just 66 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.