Me and my partner are about to exchange buying a property in Shoeburyness but as a consequence of damage from the recent storms I have managed to agree compensation from the seller of £3k by way of a deduction in the price. This was going to be addressed as part of a side agreement however HSBC will not agree to this. Why were they approached?
The lawyer being on the HSBC conveyancing panel is obliged to disclose to HSBC of any changes to the sale price. If you prohibit your conveyancer to notify the reduction to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new conveyancing practitioner for your conveyancing in Shoeburyness.
Various web forums that I have come across warn that are the main cause of hinderance in Shoeburyness conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Shoeburyness.
I am buying a new build house in Shoeburyness benefiting from help to buy. The sellers refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep advised me not to tell my solicitor about the side-deal as it could affect my mortgage with the bank. 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 decided to have a survey done on a property in Shoeburyness in advance of retaining solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend refuse to grant a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shoeburyness. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a reputable estate agency in Shoeburyness where we have experienced a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Shoeburyness conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a split level flat in Shoeburyness, conveyancing formalities finalised in 2010. Can you work out an approximate cost of a lease extension? Corresponding properties in Shoeburyness with an extended lease are worth £202,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2081
You have 56 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
My partner and I have had DIP from Platform Home Loans Ltd who indicated we could borrow up to £350k. When do we need to appoint a solicitor for conveyancing? Shoeburyness is where we plan to move to.
You can appoint a solicitor now requesting that they create a file for you. This will trigger: 1) the selling agent to issue a Sales Memo to the relevant parties 2) the seller’s property lawyer to send out the draft contract. However, do not instruct your solicitor to order searches until you have your valuation report via Platform Home Loans Ltd and you are content to proceed.