My partner and I are purchasing a new build apartment in Snodland and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company 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.
Having sold my house in Snodland last December yet the purchaser is calling me to moan that their solicitor needs to hear from mine. What should my lawyer have done following completion?
Following your sale your lawyer is committed to forward the transfer deeds and all supplemental paperwork to the buyer’s lawyers. Where relevant, your solicitor should also send confirmation that the legal charge in favour of the lender has been discharged to the purchasers conveyancers. There are no post completion formalities peculiar conveyancing in Snodland.
My flat in Snodland is up for sale and I have accepted an offer. Will the solicitor need to be required to be on the RBS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
2 months have gone by since my purchase conveyancing in Snodland completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Snodland with a mortgage from Godiva Mortgages Ltd. The developers would not budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not to tell my conveyancer about this side-deal as it may affect my loan with the lender. 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 today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Snodland. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Snodland ?
Most houses in Snodland are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Snodland so you should seriously consider looking for a Snodland conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I invested in buying a 2 bed flat in Snodland, conveyancing having been completed August 1997. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Snodland with an extended lease are worth £211,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2092
With 67 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.