I am purchasing my first flat in Knighton benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The property agent told me not disclose to my lawyer about this extras as it may affect my loan with the bank. 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.
Due to the advice of my in-laws I had a survey completed on a house in Knighton before retaining solicitors. I have been informed that there is a flying freehold element to the property. My surveyor advised that some lenders will refuse to issue a loan on such a property.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Knighton. Conveyancing will be smoother if you use a solicitor in Knighton especially if they are accustomed to such properties in Knighton.
My husband and I are one month into a residential purchase having been recommend to a firm by the selling agent to do our conveyancing in Knighton. I am am very dissatisfied with the quality of service. Could you help me find new conveyancers?
They would need to be very bad in order to consider changing them. Has the mortgage offer been generated? In the event that it has you must make them aware of the new contact details and get the loan are re-issued. Your conveyancer needs to be on the banks panel to avoid escalating expenses and frustration. So that should be your starting point. The search tool will assist you in finding a lender approved lawyer for your home move in Knighton
What are the frequently found deficiencies that you encounter in leases for Knighton properties?
Leasehold conveyancing in Knighton is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
A provision to repair to or maintain parts of the property
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Virgin Money, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I purchased a garden flat in Knighton, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Knighton with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2071
With only 52 years left to run the likely cost is going to span between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Why is it not possible to complete my conveyancing in Knighton on a bank holiday?
This is due to the fact that on completion the funds will be transferred electronically between the banks of the purchaser and seller's conveyancer and at present this can only happen on a working day. So you can't complete on a weekend either.