Central St Martins gives King's Cross the edge
Central St Martins' new campus is fizzing and the first of 2,000 homes are launched, as 67 acres of King's Cross becomes London's hottest district.
Property insider: Kingston upon Thames
There is something of a buy-to-let boom quietly rumbling away in Kingston upon Thames, the family favourite south-west London suburb. We get the property lowdown.
Spotlight on Stoke Newington
Young professionals and families are attracted to "Stokey" by the mainly Victorian housing stock and the neighbourhood's arty and bohemian vibe.
Spotlight on Harpenden
Close to woods and parkland, with good links to London, this small town has a lot to offer those looking to start a new life out of the city.
Design trends: loving red
We've found five red-hot gifts and gadgets to let your Valentine know that home is where the heart is.
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: Streatham Hill
On leafy Downton Avenue in SW2, plenty of family space can be yours for £550,000 at this Edwardian home. There are four bedrooms and a convertible loft space, and the open-plan kitchen/breakfast room has French windows to a good-size garden.
Swap of the week: Dalwood, Devon
Cosy up by woodburning stoves or cook a feast in the vaulted kitchen/breakfast room of this 18th-century thatch for £525,000. Three bedrooms overlook cottage gardens and a timber studio makes a perfect home office.
Life-changer: St Erth Praze, Cornwall
Tregenhorne Farm (£550,000) has four acres of paddocks, stables and valley views, minutes from Cornwall's north coast. You can run your own equestrian business from the garden office and the four-bedroom home has a country kitchen with an Aga.
Spotlight on Harpenden
Close to woods and parkland, with good links to London, this small town has a lot to offer those looking to start a new life out of the city.
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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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