I'm buying my first flat in Driffield with the aid of help to buy. The developers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not inform my conveyancer about the extras as it would adversely affect my loan with the lender. 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 advice of my in-laws I had a survey completed on a property in Driffield ahead of appointing solicitors. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend not issue a loan on this type of property.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you e-mail us we can check via 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 Driffield. Conveyancing will be smoother if you use a solicitor in Driffield especially if they are familiar with such properties in Driffield.
Am I better off to choose a Driffield conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can carry out the legal work but her office is a couple of hundredkilometers away.
The primary upside of using a high street Driffield conveyancing firm is that you can visit the firm to execute documents, hand in your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and on the whole were content that should outweigh using an unfamiliar Driffield conveyancing solicitor solely due to them being based in the area.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Driffield. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Driffield are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Driffield so you should seriously consider shopping around for a Driffield conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I invested in buying a basement flat in Driffield, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Driffield with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2099
With only 80 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
Your search tool is useful but there are many lawyers listed near Driffield being on the lender conveyancing panel. Can you recommend a specific firm on the conveyancing panel for our bank?
We do not recommend specific Driffield firms as the right Driffield conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Driffield knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..