I'm purchasing my first flat in Breaston with a loan from Bank of Ireland. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my lawyer about the extras as it would jeopardize my mortgage with Bank of Ireland. 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Breaston ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks will refuse to grant a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Breaston. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it possible to switch conveyancer as I have to instruct one who is on the TSB conveyancing panel. I was using a local conveyancing solicitor in Breaston round the corner but he is not accepted by TSB
It would be our pleasure to assist you find a conveyancing solicitor in Breaston on the TSB panel. Please note that the law firms that we on the directory do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Breaston. Using search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Breaston.
I am a negotiator for a reputable estate agency in Breaston where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Breaston conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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 acquired a ground floor flat in Breaston, conveyancing having been completed in 2000. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Breaston with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease expires on 21st October 2077
You have 57 years unexpired the likely cost is going to be between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Been reading online that Breaston solicitors are more expensive than licensed conveyancers in Breaston to use when purchasing a property. Am I better off using a conveyancer or a solicitor where I am purchasing for my home move in Breaston.
When it comes to conveyancing in Breaston the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.