I am hoping to receive a mortgage with Nat West. My intention is to use a Licensed Conveyancer in Coningsby. Does the Nat West Conveyancing panel exclude conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
What is the first thing I need to know about purchase conveyancing in Coningsby?
You may not hear this from too many lawyers but conveyancing in Coningsby and elsewhere in Lincolnshire is often a confrontational experience. In other words, when it comes to conveyancing there is plenty of opportunity for conflict between you and others involved in the ownership transfer. For example, the vendor, selling agent and on occasion your lender. Selecting a law firm for your conveyancing in Coningsby is a critical decision as your conveyancer is your adviser, and is the SOLE person in the transaction whose interest is to act in your best interests and to keep you safe.
Sometimes a third party with a vested interest may try and convince you that you should follow their advice. For example, the selling agent may claim to be assisting by claiming that your conveyancer is slow. Or your financial adviser may try to convince you to do something that is contrary to your lawyers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am buying a house and the lawyer has referenced Chancel Repair to which the property may be obligated to contribute to given it’s proximity to the area of such a church. She has recommended insurance. Is this really appropriate for conveyancing in Coningsby
Unless a previous purchase of the property took place after 12 October 2013 you may expect solicitors delivering conveyancing in Coningsby to continue to recommend a chancel search and or chancel repair liability insurance.
My wife and I have a 4 bedroom Georgian property in Coningsby. Conveyancing lawyer acted for me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Coningsby and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who carried out the work.
I'm purchasing a new build house in Coningsby with a loan from Halifax. The builders would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative told me not inform my lawyer about the deal as it could adversely affect my loan with Halifax. Do I keep my lawyer in the dark?.
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 employed by a long established estate agent office in Coningsby where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Coningsby conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 acquired a leasehold flat in Coningsby, conveyancing formalities finalised in 2012. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Coningsby with an extended lease are worth £191,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2079
With only 54 years unexpired we estimate the premium for your lease extension to be between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.