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As the BBC move out, Shepherd's Bush switches to a new programme
As Aunty leaves the Bush the borough seizes the opportunity to create a proper neighbourhood.
Spotlight on Camden Town
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My design London - Russell Norman
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Find a rated tradesman
Want to add value to your property, make your house a home, or sell your place fast? With 1,000s of tradesmen nationwide, rated and recommended by previous customers, this is the smart way to find a reputable tradesman.
Buy of the week: Camden Town
This two-bedroom flat has a pretty park on its doorstep, while buzzing Camden Town is only 10 minutes’ walk away. Big sash windows and high ceilings give a spacious feel and there’s a private garden with a studio/home office (£525,000).
Swap of the week: Willersey, Glouc
This little Cotswolds beauty is just across the road from the village green and duck pond. For £530,000 you get beams, exposed stone walls and an open fireplace, plus four bedrooms, a useful attic room and lush gardens to enjoy.
Life-changer: Trescowe, Cornwall
For a project brimming with potential, what about this coastal home, yours for £545,000? The family space includes six bedrooms, while its collection of outbuildings overlooking an acre of gardens could become income-generating holiday lets.
Spotlight on Camden Town
The shops and markets clustered around the high street and canal make Camden one of the most colourful of London's neighbourhoods. The area's period homes and loft-style apartments attract a mix of homebuyers.
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Add in the perks
Our lawyer Fiona McNulty looks at the legal issues of reporting incentives offered by developers to mortgage lenders
© Malcolm Willett (www.willett-ink.co.uk)
It is offering to pay our legal fees, stamp duty and provide a vendor gifted deposit scheme.
I have spoken to our financial adviser who says all these incentives must be reported to the lender he’s approached for our mortgage. What is this all about?
Answer: Incentives are really a way of reducing the amount you have to pay for a property. When your financial adviser seeks a mortgage for you, the lender’s decision will be based on percentages.
So, if the price of the property you intend to buy is £300,000 and your lender will loan you 75 per cent, that means you can borrow £225,000.
However, when all the incentives are taken into account your loan will actually end up being more than 75 per cent of the price you are paying for the property.
The lender must be informed of all the facts, so your financial adviser must tell them about the incentives.
Some lenders will allow incentives up to a certain percentage of the purchase price without this affecting the loan they will make - but they must be informed of them. In any event, it is a requirement of the Council of Mortgage Lenders for incentives to be reported.
What's your problem?
If you have a question for Fiona McNulty, email legalsolutions@standard.co.uk. We regret that questions cannot be answered individually.
Fiona is a partner in the property team at Thring Townsend Lee & Pembertons Solicitors www.ttuk.com.
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