I am purchasing a new build house in Liskeard with a loan from Skipton Building Society. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not disclose to my conveyancer about the side-deal as it would jeopardize my loan with the lender. Should I keep quiet?.
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 Liskeard I like with a park and railway links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Liskeard for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I'm refinancing my existing property to a buy to let mortgage with TSB and intend to use the remaining equity as a down payment on a second property. The neighborhood we are looking at is Liskeard. Will your conveyancers be able to act for the two banks and link together the transactions?
Do use our search tool on this page to check that the solicitors are approved by both banks. Assuming that they are your conveyancer should be able to connect the two transactions but you should talk with you solicitor and make clear your desired outcome and needs.
I am on look out for some leasehold conveyancing in Liskeard. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Liskeard - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a split level flat in Liskeard, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Liskeard with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2086
With only 63 years left to run the likely cost is going to range between £16,200 and £18,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
I'm selling a apartment in Liskeard. I can find my conveyancer's company on the Law Society's list, but I can't see my lawyer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the practice must be listed by the regulator. As long there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unqualified staff.