Owning your own home

Use your own is generally the answer.

Developers sometimes do this because there are certain nuances (such as shared ownership) that not all solicitors will necessarily be au fait with and it's easier to deal with someone who they know has the expertise.

Generally though they've worked out a cosy little deal where they send a lot of work their way and they don't make waves.

Solicitor question... we just got an offer accepted on a new build property but we don’t have a solicitor lined up. The developer are pushing us to use their “independent” recommended solicitor but I feel a little bit sceptical. Is it better to find our own solicitor or use their one?

Use your own, never theirs.

I'd totally recommend https://www.myhomemove.com/ for an online team who can quickly get on top of this.

Always use a reliable recommendation.

Ours was fucking shit soup to nuts.

We went with them as our mortgage broker recommend them and we thought that relationship and his relationship with the bank would all work together.

Instead me and a mate had to look through our old LPC notes to find answers to questions.

excellent tactic

soup to nuts

Did you miss this @amey ? Doesn't it pique your interest in 'good copy'?

I have a funny story about this that I can't tell anyone.

#dammitstyle

The developer are pushing us to use their “independent” recommended solicitor but I feel a little bit sceptical. Is it better to find our own solicitor or use their one?

Are houses built already and being used? Ask people who they used. Might be a residents association too, ask them.

Ha

Thanks all. After two years of looking, failing to find anything suitable within our budget, being rejected and outbid, it all seems to be moving scarily fast!

Howard, that's also a good suggestion. It's a pretty small development and only a few properties have been occupied so far, however we viewed a finished house that was identical to the one we just reserved and I know that a couple moved in the day after we saw it... If I get a moment I might put a postcard through their letterbox saying hello.

A colleague of mine used the developer’s solicitor buying a flat in a new build. He ended up with one of those leases where the ground rent increases so much over time the leasehold is valueless.

I’m not sure how these lease clauses get away with being legal. My old university housemate lost £18k on the deposit of a house he’d bought at auction as he hadn’t understood the lease clause and the property wasn’t mortgageable. Clearly there’s a moral to this story around reading your lease but I can’t see how any freeholder could put one of these in in good faith

It's a sad story.

To be able to live with themselves, I suspect the authors of these escalating ground rent charge leases assume potential buyers will have done their research and priced their offer accordingly to the level of shittiness in the lease.

It's cynical though, because a lot of these places were aimed at first time buyers who don't have the foggiest.

Would be interested to know if a solicitor should on the record recommend their client not actually proceed, I suspect their liability ends with a factual account of what is being bought.

Would that be actionable? If the solicitor didn't pick it up and highlight it, I'd have guessed that would be negligence.

Aren't class actions now viable in the UK? Or am I misremembering something?

It seems like a brilliant litigation opportunity.

Solicitors PI will cover costs when the developers go under and I'd bet the developers are also often directors you might have a shot at them via the liquidators.

Given that most people would be happy with a normal freehold plus a few quid there's probably quite a big margin left for CFA.

It seems like a brilliant litigation opportunity.

Dunno, suspect it comes down to buyers not understanding what they are buying and the implications, rather than the information being hidden from them. That makes things difficult I'd imagine.

Not saying it wasn't a shitty play by the developers. The Leasehold system is shit.

I would have thought so. I'm not sure what he did, but I think his situation was resolved one way or another as the scandal over these types of lease blew up.

https://www.financialreporter.co.uk/finance-news/government-expected-to-announce-six-month-stamp-duty-holiday.html

As someone who is a couple of weeks away from completion am I likely to benefit here or miss out again?!

*Bought our first house 3m before the first time buyer stamp duty reduction

My wife has a house that is currently in her name but we are considering if this ought to be amended so it's in both our names.

What might be the implications of this if/when we come to renew the mortgage or sell the house?

Ok, looks like it’s a temp raising of the threshold - can’t imagine that would benefit you.

Yeah but would be a significant cash saving, so I’m really hoping I can

Did not realise the bar has been raised to £500k in London, looks like I've paid out twice for stamp duty....in as many moves. Excellent.

Ah you mean you’d only pay the duty on the amount above the threshold? Yeah that makes a bit more sense.

I’d need to see an updated calculator before I understand it.

Yeah I’m assuming you would save on everything below £500k

Currently aiming to complete at end of July... I share your nervousness

It can't be in your name, you don't have a 'u'.

kthxbye