We were just about to sign contracts for a leasehold flat in Mildenhall. We encountered a snag. Our loan offer with Barclays runs out on 8/2/2019 but the sellers are putting forward a completion date of 12/2/2019. Is it possible to extend the loan offer?
The person best placed to address this question is your lawyer who should calculate whether he or she is better off negotiating with the lender, vendor’s lawyers, estate agents or possibly all three given the history of your conveyancing as of today.
I'm purchasing my first flat in Mildenhall with a mortgage from Accord Mortgages Ltd. The builders would not move on the amount so I negotiated 6k of additionals instead. The house builders rep told me not reveal to my solicitor about the extras as it could adversely affect my mortgage with Accord Mortgages Ltd. 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'm converting the mortgage on my existing home to a buy to let mortgage with The Mortgage Works and intend to use the remaining equity towards another house. The area we are interested in is Mildenhall. Will your conveyancers be able to act for the two mortgage companies and link together the transactions?
Make use of our search tool on this site to be sure that the lawyers are approved by both banks. Assuming that they are your lawyer should be able to connect the two transactions but you should talk with you lawyer and make clear your expectations and needs.
Back In 2005, I bought a leasehold flat in Mildenhall. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Mildenhall who previously acted has now retired. What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Mildenhall conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a studio flat in Mildenhall, conveyancing formalities finalised in 2000. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Mildenhall with a long lease are worth £181,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2069
With only 51 years left to run we estimate the premium for your lease extension to span between £30,400 and £35,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Do all mortgage companies provide you with an approved list of Mildenhall solicitors? How do you know who is on the lender conveyancing panel?
Mildenhall firms and firms carrying out conveyancing in Mildenhall themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the mortgage company directly.