We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to instruct a Abridge based conveyancing firm?
You should check but the chances are that appoint one of their panel solicitors if you accept the "fee-free" offer. Contact the lender and explore if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Abridge.
I happen to be the single recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Abridge. Conveyancing formalities meant that the Land Registry date was in September. I want to move. I do know about the CML 6 month 'rule', meaning my proprietorship will be treated the same way as though I had purchased the house in September. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most mortgage companies would take a practical view as this requirement principally exists to identify subsales or the flipping of properties.
We have agreed to purchase a house in Abridge. A rare aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Bank of Ireland your lawyer must follow the conveyancing instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Bank of Ireland where a lease does not satisfy these requirements. The conditions relate to the installation of panels on properties nationwide and is not isolated to Abridge.
The formalities of my remortgage has taken place for my property in Abridge. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
The estate agent has sent us the confirmation of our purchase of a new build flat in Abridge. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Abridge
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I opted to have a survey carried out on a property in Abridge in advance of instructing conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will refuse to grant a loan on this type of home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Abridge. Conveyancing may be slightly more expensive based on your lender's requirements.
We are a fortnight into a residential purchase having been directed to solicitors by the estate agent to perform conveyancing in Abridge. I am am very frustrated with the level of service. Can you help me find new conveyancers?
They would need to be very bad to suggest changing them. Has the loan offer been sent? If so you must inform them of the replacement lawyer and get the mortgage documents are issued to the new lawyers. Your conveyancer should be on the mortgage company approved list to avoid escalating charges and delays. So that should be your first question of the new conveyancers. Our find a solicitor tool will help you find a bank approved lawyer for your home move in Abridge
I am looking at a couple of maisonettes in Abridge which have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Abridge is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Abridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Abridge. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Abridge property is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The unexpired term as at the valuation date was 69.26 years.