I am not in a position to travel far from Cheltenham. Is there a reason why all Cheltenham conveyancers are not on all lender panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in banks and building societies culling less reputable firms off their panel of approved solicitors .
I have given 2 months notice to my current landlord and must be out of my rented apartment in Cheltenham by the end of next month. Conveyancing on my purchase is progressing. Is it possible to complete in 5 weeks as don't want to have to find temporary accommodation?
It is unwise to give notice for your lease unless exchange of contracts has taken place. If you have not already done so, update to your conveyancer and ask them to they apply pressure on the owners solicitors, try to get a realistic time scale from them that all parties will aim to achieve
I'm buying my first flat in Cheltenham with a loan from Birmingham Midshires. The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not inform my lawyer about this extras as it could put at risk my loan with the lender. Do I keep my lawyer in the dark?.
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 am looking for a ground for flat up to £305k and identified one round the corner in Cheltenham I like with amenity areas and station nearby, the downside is that it's only got 52 years on the lease. There is not much else in Cheltenham suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage that many years will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Last March I purchased a leasehold house in Cheltenham. Am I liable to pay service charges for periods before my ownership?
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 acquired a split level flat in Cheltenham, conveyancing was carried out in 2002. How much will my lease extension cost? Similar flats in Cheltenham with an extended lease are worth £227,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2096
You have 71 years unexpired the likely cost is going to be between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Our solicitor in Cheltenham has identified a a problem with the lease for the apartment we are buying in Cheltenham. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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 lawyer will have no choice but to discontinue acting for you.