We had instructed conveyancing lawyers locally in Brantham on the Kent Reliance solicitor panel. They are now charging me a separate charge for dealing with the Kent Reliance mortgage. Is this a supplemental conveyancing fee set by Kent Reliance?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your lawyer can charge a fee for this. The fee is not dictated by Kent Reliance but by your Brantham lawyer. Plenty of firms on the Kent Reliance panel will levy ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Brantham conveyancing practitioner on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland 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 Bank of Ireland mortgage from the register. Bank of Ireland, 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 Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
I have a mortgage with Nationwide for my property in Brantham. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
You must advise Nationwide in advance of letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Nationwide directly. You need not do this via a Nationwide conveyancing panel firm.
It has been 3 months since my purchase conveyancing in Brantham concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Brantham is the location of the property. What do you suggest?
Flying freeholds in Brantham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Brantham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Brantham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm refinancing my primary property to a buy to let mortgage with HSBC Bank and I will use the rest of the raised equity towards another house. The area we are interested in is Brantham. Will your lawyers be able to act for the two lenders and link together the transactions?
Do use our search tool on this site to ensure that the lawyers are on the appropriate lender panels. On the basis that they are the conveyancer will be able to tie up the two conveyancing matters but you should talk with you solicitor and communicate your expectations and needs.
What are the frequently found defects that you encounter in leases for Brantham properties?
Leasehold conveyancing in Brantham is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
-
Repairing obligations to or maintain parts of the premises
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Norwich and Peterborough Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a split level flat in Brantham, conveyancing having been completed in 2005. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Brantham with a long lease are worth £190,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2087
With only 62 years remaining on your lease we estimate the premium for your lease extension to range between £17,100 and £19,800 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 without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
We own a leasehold flat in Brantham. Conveyancing was finalised in 21012. I have heard that I should not let the the remaining lease term to get too low. Why is that a problem?
Brantham residential long term leases are for a prescribed term - often ninety nine years when they started. However many flats in Brantham were built or converted in the 70’s80’s and so these leases now have under 80 years remaining. This may seem like plenty of time however Banks, Building Societies and other mortgage lenders on the whole need leases to have a minimum of 75 years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing seventy five years. To optimize your property value you should be thinking about whether to extend your lease well in advance of selling the property. Furthermore significant benefits to taking action before the lease reaches even eighty years as when the lease is less than 80 years the amount to be paid to extend starts to increase.