We have rather assertive sellers who has suggested a exclusivity contract with a down payment 10k. Are such contracts appropriate for Mancot conveyancing transactions?
There are a couple of main downsides with entering into any lock out agreement (sometimes known as a no-shop agreement) is that it can distract from making progress with the conveyancing process, so unless it requires limited or no negotiation then it could transpire to be a cause of frustration and delay. It is not particularly popular by Mancot conveyancing lawyers for this reason. A further negative is the extent of the remedies available - a jilted buyer is not likely to obtain injunctive relief to stop the seller selling to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of abortive charges and, in rare circumstances, the extra payment of damages.
I am purchasing a new build house in Mancot with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of additionals instead. The estate agent advised me not inform my solicitor about this deal as it would impact my mortgage with Barclays Direct. 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.
I am looking for a leasehold apartment up to £245,000 and found one round the corner in Mancot I like with open areas and transport links in the vicinity, however it only has 49 years on the lease. There is not much else in Mancot in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan that many years will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years 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 current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Are there any apps to help identify a Mancot law firm on the Bank of Ireland conveyancing panel? I have wheels and am happy to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the tool on this website. Please select a lender and your location and you will see a number of Mancot conveyancing lawyers based on proximity. We have detailed some Mancot conveyancing firms towards the end of this page and you can telephone them to check whether they are on the Bank of Ireland member panel
What are your top tips when it comes to appointing a Mancot conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Mancot conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Mancot conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
What volume of lease extensions have they carried out in Mancot in the last twenty four months?
Mancot Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
If a Mancot lease has less than 80 years it will affect the marketability of the apartment. 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 probably need a lease extension at some point and you need to have some idea of how much this would cost. For most Mancotlease extensions you will need to own the premises for two years before you are legally able to carry out a lease extension. How many years are left on the lease? Is there a share of the freehold?
When it comes to my conveyancing in Mancot should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Mancot conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.