I am buying my first flat in Shillington with a loan from Virgin Money. The developers refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep advised me not inform my conveyancer about the deal as it could jeopardize my mortgage with the lender. Is this normal?.
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.
Due to the input of my in-laws I had a survey completed on a house in Shillington in advance of instructing lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can look into this further with 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 Shillington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shillington to see if the conveyancing will be more expensive.
I am using a search engine for the words on line conveyancing in Shillington it reveals numerous conveyancersin the vicinity. With so much choice what is the best way to find the right conveyancer for purchase transaction?
The preferential method of seeking a suitable conveyancer is via trusted recommendation, so ask friends and those you trust who have bought a property in Shillington or a local estate agent or financial adviser. Charges for conveyancing in Shillington vary, so it's advisable to request a minimum of three costs illustrations from different solicitors. Make sure that you clarify that the charges are guaranteed not to to be inflated.
I am attracted to a couple of maisonettes in Shillington both have in the region of fifty years left on the leases. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
I am the registered owner of a leasehold flat in Shillington, conveyancing having been completed in 1997. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Shillington with an extended lease are worth £176,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2070
With only 50 years left to run we estimate the premium for your lease extension to range between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I am due to assess estimates for conveyancing in Shillington from various property lawyer and decide on one. Am I right to tell them to hold tight until I I have my bid accepted on a house.
We suggest that you wait to request your conveyancer to open a file and order searches after the sales memo has been issued by the estate agent especially as Shillington conveyancing searches are not inexpensive.