I currently have a mortgage with Co-operative for my property in Burton Latimer. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
Co-operative must be informed of your intention prior to renting your property as this is likely to be a breach of Co-operative’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 Co-operative directly. You need not do this via a Co-operative conveyancing panel lawyer.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Burton Latimer bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Burton Latimer conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend based on their specific requirements. I have no idea who is right.
The conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase house in Burton Latimer. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Burton Latimer lawyer is on the Aldermore conveyancing panel.
Despite weeks of looking the Title Certificate and documents to my property are lost. The conveyancers who handled the conveyancing in Burton Latimer 4 years ago have long since closed. Will I be able to sell the house?
Gone are the days when you need to have the physical official documentation to evidence that you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
I am purchasing a new build house in Burton Latimer benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent advised me not to tell my conveyancer about this deal as it would adversely affect my loan with the lender. Is this normal?.
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 was recommended by a couple of local property agents in Burton Latimer to select a property lawyer on your site. What’s the financial upside for Estate Agents to market your lawyers rather than a competitor’s?
We don’t give any financial incentive for directing people to this site. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
My partner has urged me to instruct his conveyancers in Burton Latimer. Do I follow his guidance?
There are no two ways about it the best way to select a conveyancing practitioner is to get feedback from friends or relatives who have actually used the firm that you are considering.
What are your top tips when it comes to appointing a Burton Latimer conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Burton Latimer conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with two or three firms including non Burton Latimer conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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How experienced is the practice with lease extension legislation? If they are not ALEP accredited then why not?
Burton Latimer Leasehold Conveyancing - A selection of Queries before buying
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The prefered form of lease structure is if the freehold title is in the ownership of the leaseholders. In this arrangement the lessees have being in charge if their destiny and notwithstanding that a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. How long is the Lease?