I'm buying a new build house in Sherborne with the aid of help to buy. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not inform my solicitor about this deal as it will impact my mortgage with Godiva Mortgages Ltd. Should I keep quiet?.
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.
Due to the input of my in-laws I had a survey completed on a property in Sherborne before retaining solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies tend not give a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Sherborne. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sherborne to see if the conveyancing costs will increase in light of this.
I have been recommended by numerous selling agents in Sherborne to get a quote from a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to market your site over a competitor’s?
We don’t give any commission for directing people in our direction. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My husband and I are first time buyers - agreed a price, yet the selling agent informed us that the owners will only issue a contract if we appoint the agent's preferred lawyers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer with experience of conveyancing in Sherborne
It is unlikely the owners are driving this. If they desire ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Speak to the vendors direct and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to use your own,trusted Sherborne conveyancing firm - not the ones that will provide their estate agent a introducer fee or hit his conveyancing thresholds demanded by head office.
Last May I purchased a leasehold property in Sherborne. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Sherborne Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Many Sherborne leasehold apartments will have a service bill for the upkeep of the building invoiced on behalf of the landlord. Should you buy the flat you will have to pay this amount, normally periodically accross the year. This could vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent to be met yearly, ordinarily this is not a significant figure, say around £50-£100 but you need to enquire as sometimes it could be prohibitively expensive. You should be aware that where the lease has fewer than 80 years it will have adverse implications on the marketability of the flat. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would be required to have been the owner of the residence for two years in order to be eligible to exercise a lease extension. Who is in charge of the block?
Our conveyancer in Sherborne has discovered a defect with the lease for the property we are buying in Sherborne. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Sherborne conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. These conveyancing instructions must be adhered to by the bank conveyancing panel who has to balance acting for you and the lender