I am purchasing a new build house in St Asaph benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The sale representative told me not reveal to my solicitor about the extras as it may adversely affect 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.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. St Asaph is where the house is located. What do you suggest?
Flying freeholds in St Asaph are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Asaph you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Asaph may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How difficult is it to transfer to a new firm as I need to retain one who is on the Nottingham Building Society conveyancing panel. I instructed a family conveyancing solicitor in St Asaph round the corner but she is not approved by Nottingham Building Society
It would be our pleasure to assist you select a conveyancing solicitor in St Asaph on the Nottingham Building Society panel. Please note that the solicitors that we on the directory do not pay us fee if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in St Asaph. Using the find a conveyancing solicitor tool on this site, you can contrast costs for conveyancing solicitors in St Asaph and beyond.
Can you provide any top tips for leasehold conveyancing in St Asaph with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in St Asaph can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers. Many freeholders or Management Companies in St Asaph levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in St Asaph. You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in St Asaph state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you dont have the consents to hand you should not communicate with the landlord without checking with your lawyer in advance. If you hold a share in a the freehold, you should make sure that you are holding the original share document. Obtaining a new share certificate can be a time consuming process and frustrates many a St Asaph home move. Where a new share is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.
I acquired a leasehold flat in St Asaph, conveyancing having been completed 5 years ago. How much will my lease extension cost? Comparable flats in St Asaph with over 90 years remaining are worth £165,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2098
With only 78 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 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 supply the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
I am hoping to sell a garage which is on a separate legal title at HMLR and hope to get 30k, to clear debts. There is a mortgage with Barclays. Can you suggest an inexpensive lawyer as the standard £500-600 diminishes the return somewhat. Although I live in St Asaph I dont need to instruct a St Asaph conveyancing practitioner.
LenderPanel.com is restricted to being a directory service for solicitors who wish to be listed as being on the approved conveyancing panel for Barclays in certain locations for example St Asaph . Our intention is not to recommend any specific property lawyer.