I am purchasing my first flat in Elmswell benefiting from help to buy. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my lawyer about the side-deal as it would affect my mortgage with The Mortgage Works. 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 opted to have a survey carried out on a house in Elmswell in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some banks will not grant a loan on such a property.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Elmswell. Conveyancing may be slightly more expensive based on your lender's requirements.
My uncle has recommend that I appoint his lawyers for conveyancing in Elmswell. Do I follow his guidance?
No doubt the ideal way to select a conveyancing solicitor is to seek guidance from friends or family who have actually previously instructed the firm that you are considering.
What makes a Elmswell lease unacceptable for security purposes?
Leasehold conveyancing in Elmswell is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
A provision to repair to or maintain parts of the property
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I am the registered owner of a 1st floor flat in Elmswell, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Elmswell with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2070
You have 51 years unexpired we estimate the premium for your lease extension to be between £30,400 and £35,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
I am purchasing a flat with all finances in place. I have provided conveyancer with two separate evidence of photo ID, bank statement, endless utility bills. Now he wants a copy from a probate lawyer advising that the funds are legitimate and that it has come from inheritance and not dealing E's in Ibiza.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Elmswell conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.