My financial adviser says he needs my Cirencester solicitor’s panel member for the HSBC conveyancing panel. Can you suggest how I obtain this. I have contacted my local Cirencester branch but they don't know it.
Have you tried calling your Cirencester conveyancer about this?. They keep a central record lender panel numbers.
I happen to be the sole beneficiary of my late grandmother’s estate and I have everything in my name alone, including the house in Cirencester. Conveyancing formalities meant that the Land Registry date was in July. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be considered the same way as if I'd bought the house in July. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view banks take of it, depend on the lender as this provision is chiefly there to capture subsales or the quick reselling of properties.
Completion of my purchase has taken place for my property in Cirencester. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
My offer on a detached house in Cirencester has been agreed to, but there is a chain. The sellers have put an offer on a property, but it’s not been accepted yet, and are looking at other properties booked. I have chosen a bricks and mortar conveyancing solicitor in Cirencester. What should be my next step? When should I get the mortgage application with HSBC started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then valuation, Cirencester conveyancing search costs, etc). First, you should check that your property lawyer is on the HSBC approved list. Concerning the subsequent stages this very much depends on the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market some home buyers will apply for a home loan with HSBC and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with the conveyancing in Cirencester.
Just had an offer accepted on a new build apartment in Cirencester. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Cirencester
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Cirencester I like with a park and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Cirencester in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I was advised by a number of property agents in Cirencester to find a solicitor using your seach tool. What’s the financial incentive for Estate Agents to recommend your services over and above another?
We don’t give any referral fee for directing people our way. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am employed by a busy estate agent office in Cirencester where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Cirencester conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that 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. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
I inherited a leasehold flat in Cirencester, conveyancing having been completed in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Cirencester with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2087
With only 61 years left to run we estimate the premium for your lease extension to span between £18,100 and £20,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.