we are a couple who wish to acquire a purpose built apartment in Bacup with a mortgage from Godiva Mortgages Ltd.We would like to retain our Bacup conveyancing practitioner but Godiva Mortgages Ltd informed us his firm is not on their "panel". It seems we have little choice but to instruct a Godiva Mortgages Ltd panel firm or keep our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Godiva Mortgages Ltd use our lawyer?
No, not really. The home loan issued to you is subject to its terms and conditions, a common one being that solicitors needs to be on the Godiva Mortgages Ltd conveyancing panel. in the past, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Godiva Mortgages Ltd
Have just purchased a probate house at auction in Bacup. Conveyancing is needed. What happens now?
Now that you have for all intents and purposes signed on the dotted line you must instruct a conveyancing solicitor quickly as you are facing a tight deadline in which to complete the deal. Every auction property will have a bespoke auction set of papers. This should include most,if not all of the documents that your solicitor will need. If you have purchased leasehold premises the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You should give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
We were going to get a DIP from Co-operative this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any Bacup solicitors on the Co-operative conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Bacup solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
Nationwide have agreed my home loan in principle, my bid on a property in Bacup has been agreed to, now what?
Your property agent will wish to be informed of your lawyer's details (be sure the conveyancing practitioners are on the lender’s panel). Telephone Nationwide or the broker and finalise any appropriate documentation. Nationwide will instruct a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to happen. Once conducted (assuming no problems) it takes about a fortnight to get a mortgage offer. Nationwide will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bacup.
I am buying my first flat in Bacup with a loan from TSB. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not inform my lawyer about this side-deal as it may impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a property in Bacup in advance of retaining solicitors. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks will not grant a mortgage on this type of home.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bacup. Conveyancing will be smoother if you use a solicitor in Bacup especially if they are familiar with such properties in Bacup.
In relation to leasehold conveyancing in Bacup what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Bacup. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I inherited a basement flat in Bacup, conveyancing having been completed July 2003. How much will my lease extension cost? Similar flats in Bacup with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2089
You have 64 years remaining on your lease the likely cost is going to be between £14,300 and £16,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
The property lawyers undertaking our conveyancing in Bacup has forwarded documents to review that state the property is unregistered with epitome documents. Is it not the case that all property in Bacup are registered?
Whilst most properties in Bacup are now registered with HM Land Registry there are still a few that remain unregistered. Any property in Bacup that has been transferred since the late 1980’s will have been registered at the Land Registry under the compulsory ‘first registration’ scheme. However, if a Bacup property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Plenty of Bacup conveyancing lawyers should be familiar with this type of conveyancing but if any uncertainty exists the standard advice these days seems to be for the current owners to undertake the registration formalities first and thereafter deal with the sale conveyance - this undoubtedly cause a significant delay.