Will my conveyancing lawyers need to check that the building insurance when buying a house in Diss. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/7/2019, the requirements read as follows :
I am purchasing my first flat in Diss benefiting from help to buy. The builders refused to move on the price so I negotiated £7000 of extras instead. The property agent suggested that I not reveal to my solicitor about the extras as it would impact my mortgage with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
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 decided to have a survey completed on a property in Diss before appointing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies tend not issue a mortgage on this type of home.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Diss. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Diss to see if the conveyancing costs will increase in light of this.
My father has suggested that I use his conveyancing solicitors in Diss. Do I follow his advice?
Much as we are happy to recommend a Diss conveyancing lawyer the ideal way to choose a conveyancing lawyer is to get recommendations from friends or relatives who have previously instructed the firm that you are considering.
I have just appointed agents to market my garden apartment in Diss. Conveyancing has not commenced, however I have recently received a quarterly maintenance charge invoice – what should I do?
The sensible thing to do is discharge the invoice as normal given that all ground rent and maintenance payments should be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a ground floor flat in Diss, conveyancing was carried out November 2008. How much will my lease extension cost? Comparable flats in Diss with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2074
With only 55 years left to run we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.