My husband and I are acquiring a newly built duplex in Killay and my lawyer is telling me that she has to the lender to disclose incentives from the seller. I am under pressure to exchange and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank 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.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who conducted the conveyancing in Killay 4 years ago have long since closed. What are my next steps?
Gone are the days when you need to hold title deeds to establish that you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
I'm purchasing my first flat in Killay with the aid of help to buy. The builders refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about the extras as it could impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Killay is the location of the property. Can you offer any advice?
Flying freeholds in Killay are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Killay you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Killay 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.
How difficult is it to switch solicitor as I have to retain one who is on the Bank of Scotland conveyancing panel. I was using a high street conveyancing solicitor in Killay five minutes from me but he is not approved by Bank of Scotland
We will our best to assist in finding you a conveyancing solicitor in Killay on the Bank of Scotland panel. Please note that the law firms that we list do not pay us fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Killay. In utilising the find a conveyancing solicitor tool on this page, you can compare fees for conveyancing solicitors in Killay and throughout England and Wales.
I only have 72 years left on my lease in Killay. I am keen to get lease extension but my freeholder is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the lessor. On the whole an enquiry agent may be useful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Killay.
I am the registered owner of a garden flat in Killay, conveyancing having been completed 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Killay with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2079
With only 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.