We are about to complete on the purchase of a house in Stony Stratford but as a result of wreckage from the recent storms I have was able negotiate compensation from the vendor in the sum of six thousand pounds in the form of a reduction in the price. This was going to be addressed as part of the conveyancing process however HSBC are not allowing this. Should they have been notified?
Your property lawyer that is on a HSBC conveyancing panel is required to advise HSBC of any variations to the sale price. If you were to refuse your solicitor to disclose the price change to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new solicitor for your conveyancing in Stony Stratford.
Can your site be used to recommend a Conveyancing solicitor in Stony Stratford even if I’m not buying or disposing of a house, for instance if I wish to acquire an office in Stony Stratford with a mortgage from National Westminster Bank?
Our search tool is predominantly there to help choose residential conveyancing solicitors in Stony Stratford but we have listed towards the end of this page some Stony Stratford commercial conveyancing firms. You will need to make contact with the firm directly to check if they are also authorised to represent National Westminster Bank
A friend suggested that if I am purchasing in Stony Stratford I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Stony Stratford conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Stony Stratford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Stony Stratford Education with plans and statistics, Local Amenities and other useful information concerning Stony Stratford.
I'm buying my first flat in Stony Stratford with the aid of help to buy. The developers refused to move on the price so I negotiated 6k of additionals instead. The estate agent advised me not reveal to my solicitor about the extras as it would impact my mortgage with The Mortgage Works. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Stony Stratford is the location of the property. What do you suggest?
Flying freeholds in Stony Stratford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stony Stratford you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stony Stratford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I've recently bought a leasehold flat in Stony Stratford. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Leasehold Conveyancing in Stony Stratford - Sample of Questions you should ask Prior to Purchasing
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How is the lease structured? It would be wise to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the common parts. Ask prospective neighbours if they are happy with their service. On a final note, find out the dates that the maintenance fees are due to the relevant party and precisely what you get for your money.