I am purchasing a new build house in Norwood Green with a mortgage from Barnsley Building Society. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my lawyer about the side-deal as it could jeopardize my mortgage with the lender. Should I keep quiet?.
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 decided to have a survey completed on a property in Norwood Green before instructing solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some mortgage companies may not grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Norwood Green. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Norwood Green to see if the conveyancing costs will increase in light of this.
Should I be suspicious about brokers that I am dealing with are suggesting an internet conveyancing firm rather than a High Street Norwood Green conveyancing company?
As is the case with many professional services, often recommendations from family and friends can be worth their weight in gold. But there are many players in a conveyancing transaction; estate agents, financial adviser and lenders may recommend lawyers to retain. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You have the right to choose your preferred lawyer. Don't forget that most lenders specify a panel list of solicitors you have to use for the lender aspect of your house move.
We're first time buyers - had an offer accepted, yet the estate agent told us that the vendor will only move forward if we use the agent's recommended solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a family conveyancer used to conveyancing in Norwood Green
We suspect that the seller is not behind this demand. If they desire ‘a quick sale', alienating a serious buyer is counter productive. Contact the owners directly and make sure they understand (a)you are serious buyers (b)you are ready to go, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you will continue to use your own,trusted Norwood Green conveyancing firm - as opposed tothe ones that will earn their negotiator at the agency a kickback or hit his conveyancing targets demanded by HQ.
I have had difficulty in negotiating a lease extension in Norwood Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Norwood Green residence is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case related to 2 flats. The unexpired term was 72.39 years.
In relation to leasehold conveyancing in Norwood Green what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Norwood Green. All leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
My wife and I recently become aware that one of the directors of the firm undertaking the purchase conveyancing in Norwood Green is an uncle of the seller. Is this permitted?
As long as no conflict arises this is allowable. Where you are requiring a mortgage then the lender may have a say as many banks have specific instructions concerning this. For example for RBS- First Active as of 7/4/2024, the requirements read as follows :