I am buying my first flat in Selston benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my lawyer about the side-deal as it will jeopardize my loan with Barclays Direct. 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.
Due to the advice of my in-laws I had a survey completed on a house in Selston in advance of retaining conveyancers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks tend refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Selston. Conveyancing may be slightly more expensive based on your lender's requirements.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Selston and how can you help?
The particular law that you refer to provides protection to business tenants, giving them the a statutory right to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and handle your commercial conveyancing in Selston
I am thinking of appointing a conveyancing lawyer in Selston for my sale. Is it possible to check a firm’s record with the legal regulator?
You may review documented Solicitor Regulator Association (SRA) decisions stemming from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA may recorded telephone calls for training reasons.
Last February I purchased a leasehold property in Selston. Do I have any liability for service charges relating to a period prior to my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I purchased a basement flat in Selston, conveyancing formalities finalised in 2005. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Selston with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced every year. The lease expires on 21st October 2081
With only 56 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
We have appointed a Selston conveyancing solicitor for our house purchase (FTB’s) and have picked up in the terms and conditions that they are not governed by the Financial Conduct Authority. Should I be concerned or is that the norm with conveyancing practitioner?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are governed by the SRA, who have strict stipulations regulating amounts sitting by them.