My husband and I are purchasing a brand new flat in Shrivenham and my lawyer is telling me that she is duty bound to the lender to disclose incentives from the seller. I am on a tight deadline to exchange contracts and my preference is not to delay deal. 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 bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am buying a new build house in Shrivenham with a loan from The Mortgage Works. The sellers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not disclose to my conveyancer about this extras as it would adversely affect my loan with the 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 looking for a ground for flat up to £195,000 and identified one near me in Shrivenham I like with amenity areas and transport links nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Shrivenham in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am selling my house. My past lawyers have shut. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Shrivenham if that makes a difference.
You should use our search tool to help you find a solicitor for your conveyancing in Shrivenham. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
My cousin has recommend that I instruct his conveyancers in Shrivenham. Do I follow his advice?
No doubt the ideal way to select a conveyancing solicitor is to seek recommendations from friends or family who have actually experience in using the solicitor you're contemplating using.
Last September I purchased a leasehold flat in Shrivenham. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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 ensure 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).
I invested in buying a 1st floor flat in Shrivenham, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Shrivenham with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2086
You have 60 years unexpired we estimate the premium for your lease extension to be between £20,000 and £23,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.