We are purchasing a newly built duplex in Bottesford and my lawyer is advising me that she has to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange contracts and I have no desire to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Why do I have to pay up front for my conveyancing in Bottesford?
Where you are retaining lawyers for conveyancing in Bottesford your solicitor will request that you place them with monies to cover the search fees. Ordinarily this is asked for to cover the fees of the Local Authority Search. If any deposit is payable against the purchase price then this should be needed shortly ahead of contracts are exchanged. The closing balance that is due should be sent to your lawyer a couple of days prior to the completion date.
I'm buying my first flat in Bottesford benefiting from help to buy. The sellers would not budge the price so I negotiated 6k of extras instead. The property agent suggested that I not disclose to my solicitor about this side-deal as it may put at risk my mortgage with the lender. 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Bottesford I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Bottesford for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension 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 concerning this matter.
My plan is to acquire a ground floor apartment in Bottesford. Conveyancing lawyer is awaiting, from the vendor, building insurance schedule. I was told today I was advised that the vendor must forward the insurance schedule for the flat above in addition. Why would my conveyancer want to review the insurance for the other flat? Is it strictly necessary? We have been stalled for the previous 3 weeks…
It is not impossible in leasehold conveyancing in Bottesford to discover Conveyancing in Bottesford in a minority of cases reveals that the lease provides for the tenant's to insure their individual flats rather than the landlord insuring the complete block - which is clearly better. Do double check with your conveyancer but it would appear that your conveyancer is attempting to establish that the complete building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated for lack of insurance cover.