My partner and I are acquiring a brand new apartment in Coulsdon and my solicitor is telling me that she is duty bound to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
3 months have elapsed following my purchase conveyancing in Coulsdon took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Coulsdon benefiting from help to buy. The builders refused to reduce the amount so I negotiated 6k of extras instead. The estate agent advised me not disclose to my conveyancer about this extras as it could adversely affect my loan with Godiva Mortgages Ltd. 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.
My husband and I are novice buyers - agreed a price, yet the agent advised that the vendor will only issue a contract if we use the agent's recommended solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a family conveyancer used to conveyancing in Coulsdon
It is unlikely the owners are driving this. Should the owner desire ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Bypass the agents and go straight to the sellers and make sure they understand (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to use your preferred Coulsdon conveyancing firm - as opposed tothe ones that will give their negotiator at the agency a introducer fee or meet his conveyancing thresholds set by senior management.
I am tempted by the attractive purchase price for a two flats in Coulsdon which have approximately forty five years left on the leases. Do I need to be concerned?
There are plenty of short leases in Coulsdon. The lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
I am the proprietor of a garden flat in Coulsdon. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Most definitely. We can put you in touch with a Coulsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Coulsdon flat is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case related to 3 flats. The unexpired lease term was 75 years.
Our conveyancing in Coulsdon is set to complete this Friday, however the vendors I am purchasing off wants to move out on the Saturday noon. Should I accept this?
Where you are having a bank loan then your conveyancing practitioner will require that the property isvacant on Friday - the mortgage company will require it.