Just contacted my conveyancing solicitor in Cobham who conducted the legals 18 months ago requesting a conveyancing costs illustration based on the same type of house move (a leasehold residence and a freehold property) of almost identical values with a home loan from Clydesdale. It looks as though am now being quoted double. Am I right to be tempted to shop around for an alternative conveyancer?
The estimate does seem a little overpriced. If you are prepared to expend time scrutinising quotes you could get the conveyancing a bit cheaper by perhaps £125. On the other hand, if you were content with the assistance the firm gave you mightlive to regret choosing an a cheaper conveyancer. If is important to ensure the firm can act for Clydesdale. Do use our search tool to choose a Cobham conveyancing firm on the Clydesdale member panel, which can often include conveyancing solicitors in Cobham.
Our lawyer has uncovered a a problem with the lease for the property we are purchasing in Cobham. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the lender is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 property lawyer will have no choice but to discontinue acting for you.
I'm purchasing a new build house in Cobham with a mortgage from Alliance & Leicester . The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my solicitor about this extras as it would put at risk my loan with Alliance & Leicester . 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 am looking for a leasehold apartment up to £195,000 and identified one close by in Cobham I like with a park and railway links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Cobham suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I’m about to sell my basement flat in Cobham. Conveyancing is yet to be initiated, but I have recently had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as you normally would as all ground rent and service invoices will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a ground floor flat in Cobham, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Cobham with over 90 years remaining are worth £190,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2086
With 61 years unexpired we estimate the premium for your lease extension to range between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
My lender have just issued us with a mortgage offer. We have retained a reputable conveyancer in Cobham two days ago. A couple of hours ago, our broker phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we had no idea that the lender had some control over our choice Is this legal?
You are permitted to appoint any conveyencer you wish to use including the said conveyancer in Cobham nevertheless if they are not on the your lender's panel you would have to incur an extra fee so the bank can appoint their own lawyers. It may be conceivable that your solicitor may apply to get included on to the bank panel. You can use web-based search facilities including lenderpanel.com to find a conveyancing solcitor in Cobham on the lender panel. You can go into your local mortgage company branch in Cobham. They can recommend conveyancing solicitors in Cobham on the panel for your mortgage company.