I'm purchasing a new build house in Totland with a mortgage from Santander. The builders refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not reveal to my solicitor about the extras as it may affect my loan with Santander. 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.
I am looking for a leasehold apartment up to £245,000 and found one close by in Totland I like with a park and railway links in the vicinity, however it only has 51 years on the lease. There is not much else in Totland for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
What is different about your site and other web based conveyancing brokers for conveyancing in Totland?
At this site receive a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Totland. As opposed to estate agents and many comparison sites we do not have referral deals with solicitors. A large number of agents and online brokers 'recommend' solicitors who pay the most per referral, rather than the best value conveyancing in Totland
I need to appoint a conveyancing solicitor for residential conveyancing in Totland. I have land on a site which appears to be the perfect solution If it is possible to get all this stuff done via email that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Back In 2004, I bought a leasehold house in Totland. Conveyancing and Santander mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Totland who previously acted has now retired. Any advice?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Totland conveyancing practitioner 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 freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Totland Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
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Does the lease have onerous restrictions? This information is helpful as a) areas can cause problems for the block as the common areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will want to know about it Please note if it is no more than eighty years it will affect the value of the flat. Check with your bank that they are content with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would need to own the premises for a couple of years before you are eligible to carry out a lease extension.
What can I do to establish who owns a property in Totland?
Assuming that the premises is recorded at HM Land Registry, and you have enough details of the location of the property, you will be able to see results from the the Land Registry of the recorded proprietor for a for less than a fiver.