I'm buying my first flat in New Forest with a mortgage from Aldermore. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent told me not disclose to my solicitor about the extras as it would adversely affect 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've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. New Forest is where the house is located. Can you offer any guidance?
Flying freeholds in New Forest are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Forest you would need to get your solicitor to go 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 New Forest may decide 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.
What does commercial conveyancing in New Forest cover?
Non domestic conveyancing in New Forest covers a broad array of services, given by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I need to find a conveyancing solicitor for remortgage conveyancing in New Forest. I have discover a web site which appears to be the perfect offering If there is a chance to get all the legals done via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in New Forest. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in New Forest are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in New Forest so you should seriously consider looking for a New Forest conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I invested in buying a garden flat in New Forest, conveyancing having been completed May 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in New Forest with a long lease are worth £180,000. The ground rent is £65 yearly. The lease ends on 21st October 2082
With only 59 years remaining on your lease we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
How easy is it to change a solicitor as I need to find a New Forest based one who is on the lender conveyancing panel. How simple is it to change conveyancer?
If you haven't yet instructed a conveyancer to start work and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in New Forest that you're considering.