I am acquiring a new build flat in Slough and my solicitor is advising me that she is duty bound to the lender to reveal incentives from the developer. I am under pressure to exchange and I have no desire to delay matters. is my lawyer playing by the book?
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 specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary to pay for insurance to address the risk of chancel repairs when acquiring a house in Slough?
Unless a previous acquisition of the property took place post 12 October 2013 you can expect solicitors conducting conveyancing in Slough to remain recommending a chancel search and or insurance against a claim.
I am buying a new build house in Slough with a mortgage from The Royal Bank of Scotland. The sellers would not move on the price so I negotiated £7000 of extras instead. The estate agent advised me not disclose to my conveyancer about this side-deal as it will impact my loan with the bank. 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.
I decided to have a survey done on a property in Slough in advance of instructing lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders will refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Slough. Conveyancing will be smoother if you use a solicitor in Slough especially if they are accustomed to such properties in Slough.
My cousin has urged me to use his lawyers for conveyancing in Slough. Should I find my own property lawyer?
No doubt the ideal way to find a conveyancing practitioner is to get guidance from friends or relatives who have actually experience in using the firm that you are contemplating using.
My wife and I purchased a leasehold flat in Slough. Conveyancing and Skipton Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Slough who previously acted has now retired. Do I pay?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Slough conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a ground floor flat in Slough, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Slough with a long lease are worth £202,000. The ground rent is £60 invoiced annually. The lease finishes on 21st October 2082
With 57 years unexpired we estimate the price of your lease extension to span between £28,500 and £33,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.