I am buying my first flat in St Austell with a loan from HSBC Bank. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not inform my conveyancer about this deal as it will adversely affect my mortgage with the bank. Should I keep quiet?.
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.
I have been on the look out for a ground for flat up to £235,500 and found one close by in St Austell I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in St Austell suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
My business partner and I are planning to take over a lease of a shop on the high street. Can you recommend lawyers offering no-sale-no charges for commercial conveyancing in St Austell for below £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in St Austell, including the sale and purchase of businesses as well as simply property. If you are looking to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can find you the right lawyer. As for the fees this will depend on the structure and terms of the deal. Let us have your contact information or telephone us so that we may supply you with a detailed commercial conveyancing quote.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £350,000 flat in St Austell next Thursday. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in St Austell?
St Austell conveyancing on leasehold flats normally involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to assist. They are entitled to charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to sell the property.
St Austell Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
Is anyone aware of any major works in the planning that will increase the maintenance charges? It would be wise to discover as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to daily issues like the cleanliness of the communal areas. Ask other tenants what they think of their management. Finally, investigate as to the dates that the maintenance fees are due to the appropriate party and precisely what it includes. Be sure to investigate if the the lease contains any adverse restrictions in the lease. For instance plenty of leases prohibit pets being allowed in certain buildings in St Austell. If you like the propertyin St Austell yet your cat is not allowed to live with you then you will be faced hard compromise.
I have instructed a St Austell conveyancing solicitor for our house purchase (first time buyers) and have noticed in the engagement letter that they are not covered by the FCA. Am I right to be worried or is that the norm with conveyancing practitioner?
We can't see why they should be. Most property lawyer don't lend money. You should check that they are governed by the Solicitors Regulation Authority, who set strict stipulations covering monies held on client account.