We are buying a newly built duplex in Stone Cross and my lawyer is telling me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company 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.
Can you explain why leasehold purchase conveyancing in Stone Cross is more expensive?
The conveyancing charges on a leasehold premises in Stone Cross is often higher than on a freehold residence. This is because there is an amount of additional work necessary in corresponding with the freeholder and managing agents to collate the information about whether the rent and service charges have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
It has been 2 months since my purchase conveyancing in Stone Cross completed. I have checked the Land Registry site which shows that I paid £150,000 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 residence 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 purchasing my first flat in Stone Cross benefiting from help to buy. The builders would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not to tell my conveyancer about this deal as it will adversely affect my mortgage with the bank. Is this normal?.
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.
My husband and I are FTB’s - agreed a price, but the property agent advised that the vendor will only issue a contract if we use their preferred conveyancers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local conveyancer who is familiar with conveyancing in Stone Cross
We suspect that the owner is not behind this demand. Should the vendor require ‘a quick sale', alienating a serious purchaser is counter productive. Try to communicate with the vendors directly and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you will continue to use your preferred Stone Cross conveyancing firm - not the ones that will give their estate agent a referral fee or meet his conveyancing targets pre-set by HQ.
What are the frequently found problems that you come across in leases for Stone Cross properties?
There is nothing unique about leasehold conveyancing in Stone Cross. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I own a leasehold flat in Stone Cross, conveyancing formalities finalised March 1997. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Stone Cross with a long lease are worth £165,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2101
You have 77 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.