I am not in a position to travel far from Clent. What is the rationale as to why all Clent solicitors aren't automatically on all mortgage company panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or conveyancer’s viewpoint, the other side of the coin is that lending institutions are increasingly anxious and feel it essential to protect them from mortgage fraud. As a consequence of this concern lenders are limiting their conveyancing panel to a manageable size.
I am purchasing a terraced house in Clent. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Clent you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Clent.
I am buying my first flat in Clent with a loan from Lloyds TSB Bank. The builders would not move on the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not reveal to my conveyancer about the side-deal as it could affect my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Clent is where the house is located. Can you offer any advice?
Flying freeholds in Clent are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Clent you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clent may ascertain 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 premises.
Looking forward to exchange soon on a ground floor flat in Clent. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Clent should include some of the following:
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Do you need to have carpet in the flat or are you allowed wood flooring? The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Rent payments - how much and when you need to pay, and also know whether this is subject to change The length of the lease term. You should receive guidance as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years Whether the lease restricts you from letting out the flat, or working from home
I purchased a 2 bed flat in Clent, conveyancing was carried out 6 years ago. How much will my lease extension cost? Corresponding flats in Clent with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2081
With only 55 years left to run the likely cost is going to range between £31,400 and £36,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Developers have suggested I use a property lawyer and I've sought a quote from them. They are nearly three hundred pounds cheaper than my family Clent conveyancer. Should I use them?
Developers normally have lists of lawyers who are quick and who know the builder's paperwork and conveyancer. As many developers offer an incentive to use their approved conveyancing practitioner for this reason, any increased cost can be avoided and a developer will not recommend a conveyancing warehouse and run the risk of having the conveyancing stall when they demand an exchange inside a month. The argument for not agreeing to use the recommended lawyer is that they may be unwilling to 'push' your interests at the risk of alienating the developer. If you worry that this may be the case you should stick with your local Clent lawyer.