My partner and I are acquiring a brand new duplex in Sawston and my lawyer is advising me that she has to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When will exchange of contracts take place for residential conveyancing in Sawston and am I required to attend the solicitors office?
If you are local to one of the conveyancing solicitors in Sawston you are invited in to sign the paperwork. That being said, the lender approved solicitors we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you by post or email. The executing of the sale agreement is not when everything is set in stone. Signing on the dotted line is necessary for the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Sawston)to be in the office at the appropriate time.
I am buying my first flat in Sawston benefiting from help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about the deal as it would impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a flat up to £305k and identified one near me in Sawston I like with open areas and railway links in the vicinity, however it only has 51 years on the lease. There is not much else in Sawston suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Sawston and how can your lawyers assist?
The particular law that you refer to gives security of tenure to business tenants, granting the right to make a request to court for a new lease and continue in occupation when the lease reaches an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Sawston