I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Farnborough. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 11/7/2019, the requirements read as follows :
I'm purchasing a new build house in Farnborough with a mortgage from Bank of Scotland. The sellers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not disclose to my lawyer about the side-deal as it would affect my loan with the lender. 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Farnborough I like with a park and railway links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Farnborough for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My husband and I are 17 days into a freehold purchase having been recommend to solicitors by the high street agent to do our conveyancing in Farnborough. I am am very dissatisfied with the quality of service. Can you help me find new lawyers?
A lawyer would need to be very bad to suggest replacing them. Has your mortgage been issued? If so you must inform them of the replacement conveyancer and have the offer are re-sent. The conveyancer should be on the banks approved list to avoid added costs and complications. So that should be your first question of the new solicitors. The search tool will help you find a lender approved lawyer for your conveyancing in Farnborough
My wife and I purchased a leasehold flat in Farnborough. Conveyancing and Halifax mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Farnborough who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Farnborough conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a basement flat in Farnborough, conveyancing having been completed November 1995. Can you work out an approximate cost of a lease extension? Equivalent properties in Farnborough with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2086
With just 67 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.