We were just about to sign contracts for a garden flat in Somerton. We have hit a problem. Our mortgage offer with Birmingham Midshires expires on 15/4/2019 but the vendors are putting forward a completion date of 17/4/2019. Is it possible to prolong the mortgage offer?
The best person to deal with your question is your conveyancer who should assess if he or she is better off negotiating with the mortgage company, owner’s conveyancers, property agents or possibly all three given the circumstances your house move as of today.
I'm purchasing my first flat in Somerton with a loan from Clydesdale. The builders would not move on the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not disclose to my lawyer about this deal as it would jeopardize my mortgage with the bank. 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.
My brother has suggested that I appoint his conveyancers in Somerton. Do I follow his guidance?
No doubt it’s preferable to choose a conveyancing solicitor is to seek recommendations from friends or relatives who have actually used the firm you're considering.
Can you offer any advice when it comes to finding a Somerton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Somerton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Somerton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
How familiar is the firm with lease extension legislation? Can they put you in touch with clients in Somerton who can give a testimonial?
I own a garden flat in Somerton, conveyancing having been completed May 2011. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Somerton with an extended lease are worth £202,000. The ground rent is £60 per annum. The lease ceases on 21st October 2075
With only 56 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Fiveweeks into buying a house in Somerton. Conveyancing solicitor has told us the property is "Leasehold". Should this adversely affect our Santander valuation?
Somerton conveyancing does not ordinarily involve leasehold houses. The crucial factor here is the unexpired lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it shouldn't impact the marketability significantly.
At the other extreme, if it's, say, fifty five years it is bound to have a significant impact on the value, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease provided to your conveyancer.