I am buying a new build house in Willingham benefiting from help to buy. The developers refused to reduce the price so I negotiated £7000 of extras instead. The property agent advised me not to tell my lawyer about the side-deal as it would put at risk my loan with the lender. 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 am looking for a ground for flat up to £245,000 and found one round the corner in Willingham I like with amenity areas and railway links nearby, however it only has 51 years unexpired on the lease. There is not much else in Willingham suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
My business partner and I are looking to take over a lease of a shop on the high street. Can you recommend conveyancers offering no-move-no costs for non-domestic conveyancing in Willingham for under £2000?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Willingham, including the sale and purchase of businesses as well as simply property. If you are hoping to buy or dispose of a shop, pub, restaurant, office, retail premises or a whole business we can find you the right firm. As for the fees these will vary based on the structure and terms of the proposed transaction. Let us have your details or telephone us so that we can supply you with a fixed commercial conveyancing quote.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Willingham. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Willingham ?
Most houses in Willingham are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Willingham so you should seriously consider shopping around for a Willingham conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I am the registered owner of a ground floor flat in Willingham, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Willingham with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2099
You have 78 years remaining on your lease we estimate the price of your lease extension to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
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 a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
At long last our conveyancing in Willingham completes this Friday, yet the person I am buying from wishes to move out 24 hours later at afternoon. Should I accept this?
If you require a loan then your property lawyer will demand that you have vacant possession on Friday - the lender will require it.