My mortgage broker says he needs my Burnham Market lawyer’ panel member for the Lloyds conveyancing panel. What is the best way to obtain this. I have contacted my local Burnham Market office but they cant find it on their system.
You are best placed to get this information from your Burnham Market lawyer . They should have a central record lender panel numbers.
My partner and I have organised the release of further monies on our home loan from Bank of Ireland as we intend to conduct a loft conversion to our property in Burnham Market. Do we need to choose a bricks and mortar Burnham Market solicitor on the Bank of Ireland conveyancing panel to handle the legals?
Bank of Ireland don't usually require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
I recently had an offer accepted on an apartment in Burnham Market. My financial adviser suggested a lawyer. I paid an upfront payment of £150. A few days later, the solicitor contacted me sheepishly admitting that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Bank of Ireland have agreed my home loan in principle, my bid on a property in Burnham Market has been accepted, what are the next steps?
Your estate agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s approved list). Call up Bank of Ireland or the broker and complete any appropriate paperwork. Bank of Ireland will appoint a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Bank of Ireland will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Burnham Market.
My wife and I own a 4 bedroom Edwardian house in Burnham Market. Conveyancing lawyer represented me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Burnham Market and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing practitioner who carried out the work.
I'm purchasing my first flat in Burnham Market with the aid of help to buy. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not reveal to my conveyancer about this extras as it would impact my mortgage with Accord Mortgages Ltd. Should I keep quiet?.
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 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 work for a reputable estate agent office in Burnham Market where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Burnham Market conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Burnham Market - Examples of Questions you should ask before Purchasing
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What restrictions are contained in the Burnham Market Lease? In the main the cost for major works tend not to be included within service charges, although a few managing agents in Burnham Market obliged leaseholders to contribute towards a sinking fund and this is used to offset against major repairs or maintenance. If a Burnham Market lease has fewer than 80 years it will affect the value of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you will be required to have owned the premises for two years in order to be entitled to carry out a lease extension.
What can I do to establish who owns a property in Burnham Market?
Provided the property is registered with HMLR, and you have enough specifics of the address of the premises, you should be able to view details from the the Land Registry of the registered owner for a for less than a fiver.