We are acquiring a newly built flat in Bestwood and my conveyancer is telling me that she is duty bound to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I have no desire to prolong matters. 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 bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are close to exchanging contracts on the sale of our home in Bestwood and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know that there is no such problem. It does beg the question why the purchasers used a web based conveyancing outfit rather than a conveyancing solicitor in Bestwood. We have lived in Bestwood for many years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I'm purchasing my first flat in Bestwood benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this deal as it will impact my loan with the lender. Is this normal?.
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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Bestwood I like with amenity areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Bestwood suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Frank (my husband) and I may need to sub-let our Bestwood basement flat temporarily due to taking a sabbatical. We used a Bestwood conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Bestwood do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Bestwood Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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The answer will be useful as a) areas could result in problems in the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the running of the building you will wish to have all the details Make sure you discover if the the lease contains any adverse restrictions in the lease. For instance plenty of leases prohibit pets being allowed in certain buildings in Bestwood. If you like the propertyin Bestwood however your cat is not allowed to live with you then you will be presented with a hard decision.
What do I do if I am unhappy with the solicitor who conducted our conveyancing in Bestwood?
We live in an imperfect world, and is is a fact of life that sometimes things do go wrong. That being said there is recourse where you were unhappy with your conveyancing in Bestwood. This varies from trying to resolve matters directly with them, through to reporting a solicitor to their regulator. If things still aren’t sorted out you may consider enlisting the help of the Legal Ombudsman.