My wife and I are buying a newly built flat in Fratton and Portsea and my lawyer is informing me that she has to the mortgage company to disclose incentives from the seller. I am under pressure to exchange and I have no desire to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold property in Fratton and Portsea but nevertheless pay rent, why is this and what is this?
It is rare for properties in Fratton and Portsea and has limited impact for conveyancing in Fratton and Portsea but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I'm buying a new build house in Fratton and Portsea with a mortgage from Santander. The builders would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not reveal to my conveyancer about this deal as it may adversely affect my mortgage with Santander. 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 have been on the look out for a ground for flat up to £195,000 and found one close by in Fratton and Portsea I like with amenity areas and transport links nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Fratton and Portsea for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan that many years will be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
My husband and I are in the market for an affordable conveyancing solicitor in Fratton and Portsea to help me sell my home. I really don't want to get ripped off and there are various Fratton and Portsea conveyancing practices out there...who do I opt for?
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