My husband and I are purchasing a newly constructed flat in Jesmond and my solicitor is informing me that she has to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to exchange and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company 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.
I am the registered owner of a freehold house in Jesmond but nevertheless charged rent, why is this and what is this?
It is rare for properties in Jesmond and has limited impact for conveyancing in Jesmond but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
My wife and I are selling our property in Jesmond and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A local conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed an online conveyancing outfit rather than a conveyancing solicitor in Jesmond. Having lived in Jesmond for many years we know of no issue. Should we get in touch with our local Authority to seek clarification need.
It sounds as though you may have a conveyancing firm already. What do they say? You need to check with 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 sickness)
I'm buying my first flat in Jesmond with a loan from Barclays . The developers refused to reduce the price so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my lawyer about the side-deal as it could jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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 own a leasehold flat in Jesmond. Conveyancing and Skipton Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Jesmond who acted for me is not around. What should I do?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Jesmond conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Jesmond Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
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Its a good idea to discover as much as possible regarding the company managing the block as they can either make life much simpler or problematic. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to practical issues like the tidiness of the common parts. Ask other tenants what they think of them. In conclusion, be sure you discover the dates that the maintenance fees are due to the managing agents and precisely what you get for your money. If a Jesmond lease has less than 80 years it will impact the salability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you will be required to have been the owner of the residence for 24 months in order to be legally able to exercise a lease extension. It would be sensible to discover if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Jesmond. If you like the propertyin Jesmond yet your dog can’t make the move with you then you have a very hard choice.
My boyfriend is purchasing a shared ownership flat in Jesmond. He has received a fee estimate by the conveyancer suggested by the estate agents and it came to £1300 . It was seven years ago I sold and bought a property and the fee was £just under five hundred pounds. Have costs really gone up that much?
You should visit 3 or 4 local Jesmond conveyancing firms requesting prices. It is advisable to base your selection not solely on cost, but on promptness and on how comprehensive the response is.