I'm purchasing my first flat in Aston on Trent with a mortgage from Nottingham Building Society. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my lawyer about the extras as it will affect my loan with the bank. Is this normal?.
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 have been pointed in your direction by a number of property agents in Aston on Trent to get a quote from a property lawyer on your site. Is there a financial upside for Estate Agents to promote your lawyers rather than a competitor’s?
We don’t offer any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Should I use a Aston on Trent conveyancing practitioner based in the vicinity that I am purchasing? An old friend can perform the legal formalities but her office is 400kilometers away.
The benefit of a local Aston on Trent conveyancing firm is that you can attend the office to execute documents, hand in your identification documents and pester them if necessary. They will also have local insight which is a benefit. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and on the whole were happy that must trump using an unknown Aston on Trent conveyancing solicitor just because they are round the corner.
I've recently bought a leasehold property in Aston on Trent. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a garden flat in Aston on Trent, conveyancing formalities finalised September 2012. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Aston on Trent with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2079
With only 58 years remaining on your lease we estimate the premium for your lease extension to range between £21,900 and £25,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
I am purchasing a garden maisonette in Aston on Trent. Conveyancing lawyer has been waiting for, from the seller, building insurance documents. This afternoon I was advised that the vendor must forward the insurance schedule for the flat above also. Why would my conveyancer need to see the insurance for the other flat? Is it really necessary? We have been in hold for the last 4 weeks…
It is not unheard of in leasehold conveyancing in Aston on Trent to find Conveyancing in Aston on Trent in a minority of cases reveals that the lease requires the tenant's to insure their individual flats rather than the landlord insuring the entire block - which is clearly better. Do double check with your solicitor but it would appear that your conveyancer is attempting to establish that the entire building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated due to lack of insurance cover.