Our Deddington conveyancer has identified a discrepancy when comparing the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My lawyer informs me that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I'm purchasing a new build house in Deddington with the aid of help to buy. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The property agent advised me not inform my solicitor about this extras as it may affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 £235,500 and found one near me in Deddington I like with a park and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in Deddington for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Is it simple use your search app to find a conveyancing practitioner in Deddington on the authorised to act for my lender?
First pick a bank such as Nationwide Building Society, Chelsea Building Society or Britannia then type in your preferred area such as Deddington. Conveyancing practices in Deddington and nationally will then be identified.
There are only 72 years unexpired on my lease in Deddington. I now wish to extend my lease but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the lessor. On the whole a specialist may be useful to carry out a search and prepare a report to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the application to the County Court overseeing Deddington.
I acquired a 1st floor flat in Deddington, conveyancing having been completed February 2003. How much will my lease extension cost? Equivalent properties in Deddington with an extended lease are worth £190,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2087
You have 62 years remaining on your lease we estimate the price of your lease extension to be between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
22 days into purchasing a house in Deddington. Conveyancing solicitor has phoned to say the property is "Leasehold". Should this adversely affect the salability of the property?
Deddington conveyancing does not usually involve leasehold houses. The main factor here is the unexpired lease term and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to affect the marketability too much.
On the flip side, if it's, say, 50 years it will have a material impact on the value, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease to be supplied to your conveyancer.