I am buying my first flat in Peterlee with a mortgage from Aldermore. The developers refused to budge the price so I negotiated 6k of additionals instead. The property agent suggested that I not to tell my conveyancer about this deal as it will put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
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 encouragement of my in-laws I had a survey completed on a house in Peterlee ahead of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies may refuse to issue a mortgage on such a home.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Peterlee. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Peterlee to see if the conveyancing will be more expensive.
What does commercial conveyancing in Peterlee cover?
Non domestic conveyancing in Peterlee covers a broad range of services, offered by regulated solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Back In 2006, I bought a leasehold flat in Peterlee. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Peterlee who previously acted has now retired. Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Peterlee conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a studio flat in Peterlee, conveyancing having been completed in 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Peterlee with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease finishes on 21st October 2075
With just 57 years unexpired we estimate the price of your lease extension to range between £28,500 and £33,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing 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 are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
Should I stop the direct debit for my mortgage with Santander once a completion date for my home sale in Peterlee has been agreed?
You would be well advised to maintain paying any mortgage sums to Santander pending the mortgage being repaid on completion as part of your Peterlee conveyancing.