We were just about to sign contracts for a property in Oakwood. We encountered a problem. The mortgage offer with Nationwide Building Society runs out on 14/6/2021 but the sellers are suggesting a completion date of 16/6/2021. Can one extend the mortgage offer?
The best person to address this concern is your solicitors who will determine whether he or she is better off negotiating with the mortgage company, owner’s conveyancers, selling agents or conceivably all three based on what has gone on in your transaction as of today.
I am buying a new build house in Oakwood with a mortgage from Godiva Mortgages Ltd. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not disclose to my conveyancer about the deal as it may jeopardize my mortgage with Godiva Mortgages Ltd. 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Oakwood I like with a park and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in Oakwood suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Are there any apps to assist me to search for a Oakwood law firm on the Lloyds TSB Bank conveyancing panel? I am a keen cyclist and am prepared to travel upto 10miles to meet the conveyancer.
Feel free to make use of the facility on this page. Please choose the mortgage company and your location and you will see a number of Oakwood conveyancing lawyers located nearest you. We have detailed some Oakwood conveyancing firms at the bottom of this page and you can telephone them to see whether they are on the Lloyds TSB Bank member panel
I am attracted to a couple of flats in Oakwood which have about fifty years unexpired on the leases. should I be concerned?
A lease is a right to use the premises for a period of time. As a lease shortens the value of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena.
I bought a 1 bedroom flat in Oakwood, conveyancing having been completed in 2006. How much will my lease extension cost? Comparable properties in Oakwood with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2097
You have 76 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I am hoping to sell my parking space which is on a separate legal title at HMLR and hope to get 30k, to clear debts. There is a mortgage with TSB. Can you recommend an inexpensive conveyancer as the usual £500-600 eats in the return somewhat. Although I live in Oakwood I dont have to appoint a Oakwood property lawyer.
The purpose of this site is restricted to being a directory service for conveyancing practitioners who wish to be listed as being on the approved conveyancing panel for TSB in certain areas for instance Oakwood . Our intention is not to recommend any specific property lawyer.