My partner and I are purchasing a newly built flat in Boreham and my conveyancer is informing me that she is duty bound to the lender to disclose incentives from the seller. The Estate Agents are hassling me to exchange and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you point me to a directory of Virgin Money panel conveyancers in Boreham on the Building Society Association’s Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lending institutions make their panel listings viewable over the internet. Where you are seeking to appoint a Boreham solicitor on the Virgin Money please make the most of our facility.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Boreham conveyancer on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Boreham. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
Various internet forums that I have frequented warn that are a common cause of hinderance in Boreham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Boreham.
In my capacity as executor for the estate of my father I am disposing of a property in Cardiff but I am based in Boreham. My solicitor (based 235 miles from meneeds me to sign a statutory declaration ahead of completion. Can you recommend a conveyancing solicitor in Boreham who can witness this legal document for me?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are based in Boreham
Due to sign contracts shortly on a studio apartment in Boreham. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Boreham should include some of the following:
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It needs to be made clear to you if the lease permits you to alter or upgrade anything in the premises- you should be made aware as to whether any restrictions applies to all alterations or limited to structural alteration, and whether consent is required Details of the parties to the lease, for instance these could be the lessee, head lessor, freeholder Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? The unexpired lease term. You should receive guidance as what happens when the lease expires, and informed of the importance of the 80 year mark Specifying your legal entitlements in respect of common areas in the building.By way of example, does the lease contain a right of way over an accessway or staircase?
I bought a ground floor flat in Boreham, conveyancing formalities finalised in 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Boreham with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2095
With just 69 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
When it comes to my conveyancing in Boreham should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Boreham conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.