We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would prefer to use a high street conveyancing solicitor in Elephant and Castle?
You should check but the the probability is that appoint one of their panel lawyers where you accept the "fee-free" incentive. Contact the lender to determine if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Elephant and Castle.
I'm purchasing a new build house in Elephant and Castle benefiting from help to buy. The developers refused to move on the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not reveal to my lawyer about this extras as it may put at risk my loan with Aldermore. 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.
I am looking for a flat up to £305k and found one near me in Elephant and Castle I like with a park and station nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Elephant and Castle suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I'm remortgaging my current property to a BTL mortgage with Clydesdale and intend to use the remaining equity as a down payment on a second house. The area we are talking about is Elephant and Castle. Will your lawyers be able to act for the two mortgage companies and link together the transactions?
Do use our comparison tool on this site to ensure that the lawyers are on the appropriate lender panels. Assuming that they are the solicitor should be able to connect the two transactions but you should talk with you solicitor and communicate your desired outcome and needs.
I want to sublet my leasehold apartment in Elephant and Castle. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease dictates relations between the freeholder and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Elephant and Castle do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I am the leaseholder of a ground-floor 1950’s flat in Elephant and Castle. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Lease Extension case for a Elephant and Castle premises is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case affected 1 flat. The remaining number of years on the lease was 74.77 years.
My aunt completed her conveyancing in Elephant and Castle in 2006. She has got married, widowed and is now married again. She now intends to the sell the Elephant and Castle property. I think she will simply be need to provide a copy of the marriage papers to the conveyancing practitioner but she is anxious it could delay the sale of the house. Should she appoint a conveyancer to update the land title details for the house?
It is not absolutely necessary to bring up to date the title for the property on the basis that you have the proof required to demonstrate how the change of name occurred.
The buyer’s lawyer should review the registered details and require evidence to prove the change of name for instance marriage documentation.