I am getting a mortgage offer from Santander. I would like to use a Licensed Conveyancer in Blandford Forum. Does the Santander Solicitor panel exclude Licensed Conveyancers?
The Santander conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am selling my home in Blandford Forum. Will my property lawyer need to be on the Leeds Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My solicitor has informed me that chancel insurance is required on my purchase. What is the level of cover for Blandford Forum conveyancing?
The right level of chancel indemnity insurance should be dictated by who your lender. It would differ for example between Accord Mortgages Ltd and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
I happen to be the single beneficiary of my late father’s estate and I have everything in my name now, including the my former home in Blandford Forum. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be considered the same way as if I'd bought the property in October. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs 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 could be affected by that. How practical a view banks take of it, depend on the mortgage company as this clause is chiefly there to identify the purchase and immediately sell or the flipping of property.
Are all Blandford Forum Conveyancing Quality Solicitors on the UBS conveyancing list of approved solicitors?
Some major lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I am purchasing my first flat in Blandford Forum with the aid of help to buy. The developers would not budge the price so I negotiated £7000 of extras instead. The property agent suggested that I not inform my lawyer about the side-deal as it may adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance 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.
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Blandford Forum and how can your lawyers assist?
The particular law that you refer to gives a safeguard to commercial lessees, granting the dueness to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Blandford Forum is one of the hundreds of areas of the UK in which our lawyers have offices
I am attracted to a two maisonettes in Blandford Forum both have approximately 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Blandford Forum is a wasting 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 property. For most buyers and banks, 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 premises 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 Blandford Forum 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 the agreed 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.
I invested in buying a 1 bedroom flat in Blandford Forum, conveyancing was carried out in 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Blandford Forum with a long lease are worth £260,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2100
You have 74 years left to run the likely cost is going to be between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.