My Conveyancer in Chinnor has never been on on the Coventry Building Society Approved Panel. Can I still retain my family solicitor even though they are excluded from the Coventry Building Society approved list?
Your options are as follows:
- Carry on with your existing Chinnor lawyers but Coventry Building Society will need to use a solicitor on their panel. This will inevitably rack up the overall legal charges and result in delays.
- Get a new practitioner to act in the purchase, obviously checking they are on the Coventry Building Society panel
I'm purchasing a new build house in Chinnor with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not reveal to my conveyancer about the side-deal as it could affect my loan with the lender. Should I keep quiet?.
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 on the look out for a flat up to £245,000 and identified one close by in Chinnor I like with open areas and railway links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Chinnor suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I'm remortgaging my primary property to a BTL loan with Clydesdale and I will use the ballance of the raised equity as a down payment on a second property. The neighborhood we are interested in is Chinnor. Will your conveyancers be able to act for the two banks and link together the transactions?
Make use of our comparison tool on this site to be sure that the lawyers are on the appropriate lender panels. On the basis that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and communicate your expectations and needs.
Last October I purchased a leasehold flat in Chinnor. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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. A critical element 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 acquired a split level flat in Chinnor, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Chinnor with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2080
With only 61 years left to run we estimate the price of your lease extension to span between £18,100 and £20,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.