It has come to my attention via my mortgage adviser that my Croston property lawyer is not on the bank Conveyancing panel. What can I do to check?
Your first step should be to call your Croston conveyancer. You lawyer should notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
I'm purchasing my first flat in Croston benefiting from help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not reveal to my conveyancer about the side-deal as it will adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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 flat up to £195,000 and identified one near me in Croston I like with a park and transport links in the vicinity, however it's only got 61 years on the lease. There is not much else in Croston suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage that many years may be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
We're new on the property ladder - had an offer accepted, but the property agent has warned us that the owners will only go ahead if we instruct the agent's chosen lawyers as they need a ‘quick sale’. Our preferred option is to instruct a family conveyancer who is familiar with conveyancing in Croston
It is highly unlikely the vendors are behind this. If they desire ‘a quick sale', alienating a serious purchaser is likely to cause more damage than good. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you will continue to instruct your preferred Croston conveyancing solicitors - as opposed tothe ones that will earn their estate agent a kickback or meet his conveyancing targets set by head office.
I am a negotiator for a long established estate agent office in Croston where we have experienced a few leasehold sales derailed as a result of short leases. I have received contradictory information from local Croston conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a basement flat in Croston, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Croston with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2087
You have 64 years unexpired we estimate the premium for your lease extension to be between £14,300 and £16,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
We are considering appointing a web based conveyancing practitioner ahead of a Croston conveyancing firm. Am I making a mistake?
There are advantages of having the option attend a local Croston conveyancing solicitor for instance
- signing documents and and when necessary
- often being able to speak to someone face-to-face can make a huge difference, particularly for non-standard conveyancing
- the ability to raise concerns if things need to addressed
When checking estimates, look out for hidden extras. The majority decent Croston high street solicitors give an all-inclusive price. Often online companies appear to offer cheap fees, yet have hidden 'extras' in the fine print.