Our solicitor has uncovered a a legal deficiency with the lease for the property we are purchasing in Bonvilston. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
We have a mortgage agreed in principle with Santander. Bonvilston conveyancing lawyers are instructed. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander done the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I currently have a mortgage with Coventry BS for my property in Bonvilston. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel firm.
Completion of my purchase has taken place for my property in Bonvilston. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make 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 Services Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Bonvilston?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bonvilston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Bonvilston with a loan from TSB. The builders refused to budge the price so I negotiated 6k of extras instead. The house builders rep advised me not disclose to my conveyancer about the extras as it will put at risk my mortgage with the lender. 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've recently bought a leasehold flat in Bonvilston. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a ground floor flat in Bonvilston, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Bonvilston with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2096
With 71 years left to run the likely cost is going to range between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
How much experience do your Bonvilston conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Bonvilston conveyancing lawyers help thousands of buyers move home every year and helped plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Bonvilston conveyancers have worked on recent similar cases.