I am buying a new build house in Rainham Kent benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of extras instead. The property agent suggested that I not to tell my solicitor about this extras as it would adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Rainham Kent is the location of the property. Can you shed any light on this issue?
Flying freeholds in Rainham Kent are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rainham Kent 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 Rainham Kent 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 am looking into buying my first house which is in Rainham Kent and I am already nervous. I couldn't find anything specific about Rainham Kent. Conveyancing will be needed in due course but do you know about the Rainham Kent area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Rainham Kent. In the meantime here are some basic statistics that we found
We're FTB’s - agreed a price, yet the property agent told us that the vendor will only issue a contract if we appoint their preferred conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor used to conveyancing in Rainham Kent
It is improbable the sellers are driving this. If they desire ‘a quick sale', turning down a motivated buyer is counter productive. Try to communicate with the owners directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)but you are going to instruct your preferred Rainham Kent conveyancing solicitors - rather thanthe ones that will provide their negotiator at the agency a referral fee or hit his conveyancing targets set by head office.
Do you have any top tips for leasehold conveyancing in Rainham Kent from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Rainham Kent can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers’ conveyancers. Many landlords or managing agents in Rainham Kent levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Rainham Kent. You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Rainham Kent state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you dont have the consents in place do not contact the landlord without contacting your solicitor in advance.
I acquired a 1 bedroom flat in Rainham Kent, conveyancing having been completed in 2012. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Rainham Kent with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2086
You have 60 years remaining on your lease we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
Why am I unable to complete my conveyancing in Rainham Kent on Good Friday?
This is due to the fact that on completion the money needs to be transferred electronically between the banks of the buyer and owner’s solicitor and at present this can only occur on a working day. So you can't complete on a weekend either.