My partner and I are acquiring a newly built duplex in Maida Vale and my conveyancer is telling me that she has to the mortgage company to reveal incentives from the developer. I am on a tight deadline to sign contracts and I have no desire to delay matters. 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 bank panel is to comply with the UK Finance Lenders’ Handbook specifications. 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'm purchasing my first flat in Maida Vale with a loan from Clydesdale. The sellers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about the side-deal as it may impact my mortgage with the lender. 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Maida Vale is the location of the property. Is there any advice you can impart?
Flying freeholds in Maida Vale are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Maida Vale you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maida Vale may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking into buying my first house which is in Maida Vale and I am already nervous. I couldn't find anything specific about Maida Vale. Conveyancing will be needed in due course but do you know about the Maida Vale area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Maida Vale. In the meantime here are some basic statistics that we found
What advice can you give us when it comes to appointing a Maida Vale conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Maida Vale conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you speak with several firms including non Maida Vale conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
What are the charges for lease extension conveyancing? Can they put you in touch with clients in Maida Vale who can give a testimonial?
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Maida Vale. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Maida Vale conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Maida Vale property is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case was in relation to 2 flats. The remaining number of years on the lease was 70.02 years.
My fiance and I are buying a four room bungalowin Maida Vale with a loan from a bank. We have selected a conveyancer in Maida Vale however our lender inform us now that she’s not on their "panel". We have to appoint from the our mortgage company panel solicitors or stay with our Maida Vale conveyancer and pay for one of their panel ones to represent our lender. This seems very unfair; is there anything we can do?
No, not really. The mortgage company mortgage issued is subject to its terms and conditions, one of which will be that lawyers will on the bank's conveyancing panel. in the past, most lenders had large numbers of law firms on their panels, including almost all conveyancing solicitors in Maida Vale : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your mortgage company.