Are there restrictive covenants that are commonly picked up during conveyancing in Dunmow?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Dunmow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Dunmow with a loan from TSB. The builders would not budge the price so I negotiated 6k of extras instead. The estate agent told me not reveal to my solicitor about this extras as it will jeopardize 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.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Dunmow is the location of the property. Can you offer any advice?
Flying freeholds in Dunmow are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Dunmow you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dunmow may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I was pointed in your direction by two or three local selling agents in Dunmow to find a solicitor using your seach tool. Is there a financial upside for Estate Agents to market your lawyers rather than a competitor’s?
We don’t give any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my house purchase in Dunmow , but I am anxious exchange. Do I have options?
One option is to try and agree a lower deposit. Most property owners will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment