My husband and I are buying a newly constructed duplex in Stoke Newington and my lawyer is telling me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to sign contracts and I would rather not delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I'm buying my first flat in Stoke Newington with a mortgage from Barclays Direct. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not disclose to my solicitor about this deal as it would adversely affect my loan with Barclays Direct. 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 have been on the look out for a ground for flat up to £195,000 and found one round the corner in Stoke Newington I like with a park and railway links nearby, the downside is that it only has 61 years on the lease. There is not much else in Stoke Newington suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage that many years may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I'm remortgaging my primary property to a buy to let loan with Platform Home Loans Ltd and I will use the rest of the raised equity as a down payment on another property. The neighborhood we are interested in is Stoke Newington. Will your conveyancers be able to act for the two banks and link together the two deals?
Do use our comparison tool on this page to check that the solicitors are approved by both mortgage companies. On the basis that they are your lawyer should be able to connect the two transactions but you should talk with you conveyancer and specify your desired outcome and requirements.
I have recently realised that I have 68 years remaining on my lease in Stoke Newington. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to find the freeholder. For most situations an enquiry agent may be useful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Stoke Newington.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Stoke Newington conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a Stoke Newington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Stoke Newington flat is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case was in relation to 1 flat.
We have just had a bid accepted on our first house in Stoke Newington, and are about to get solicitors instructed. I have made use of the various comparison tools and the fee estimates are from all across the England and Wales. Is it important to have a Stoke Newington conveyancing practitioner local to the prospective house? I am content to do all the communicating electronically, but I am thinking at some stage we may be required to attend the conveyancer's office to sign papers?
The solicitor does not have to be in Stoke Newington, but opting for local means that you have the option to attend their offices if required, for instance, if a signature is needed urgently. Also, a Stoke Newington solicitor have established relationships with local agents and (if the vendor has instructed a local solicitor) with them, which should help keep things moving faster.