I plan on purchasing property in Bloomsbury. My lawyer is not on the bank solicitor list. Am I still permitted to use my Bloomsbury conveyancing solicitor even though they are excluded from the lender panel?
One must instruct a solicitor to complete the legal work required if you require a mortgage to purchase your home. They will carry out all the appropriate investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage paperwork is dealt with. You can appoint a Bloomsbury lawyer of your choosing. However, if the solicitor appointed is not on the mortgage company approved list further fees will be levied as separate legal representation will be need by the bank. Bank panel applications may be submitted, so if your solicitor has not previously sought membership they can do so.
I had intended to instruct a conveyancing solicitor in Bloomsbury for our home move. Our financial adviser has since advised us that our mortgage lenders Bank of Ireland won't deal with them. Why is this not regarded as unduly restrictive?
A bank can direct that a panel solicitor act for it. Borrowers are expected to bear the charges for this. Do use our directory service to find a solicitor to conduct conveyancing in Bloomsbury on the Bank of Ireland approved list of solicitors.
I have been told that property searches are a common reason for stalling in Bloomsbury house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Bloomsbury.
I own a renovated Georgian property in Bloomsbury. Conveyancing lawyer represented me and Aldermore. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bloomsbury and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing practitioner who conducted the conveyancing.
I'm buying my first flat in Bloomsbury with a loan from Godiva Mortgages Ltd. The builders refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not to tell my conveyancer about the deal as it would impact my loan with Godiva Mortgages Ltd. Is this normal?.
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.
I am looking for a flat up to £245,000 and found one near me in Bloomsbury I like with a park and transport links nearby, however it only has 52 years unexpired on the lease. I can't really find anything else in Bloomsbury in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.