My wife and I are approaching an exchange on a property in Cranbrook and my mum and dad have sent the ten percent deposit to my lawyer. I am now advised that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Are the Cranbrook conveyancing solicitors identified as being on the Lloyds conveyancing panel, together with their details provided by Lloyds?
Cranbrook conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
I am planning to move home in February. Should my conveyancing solicitor call the removal company on the completion day. As an aside, can you recommend a removal company in Cranbrook. Conveyancing solicitor was organised prior to coming across this site.
On the day of completion you will need to pick up the house keys from your estate agent but this can only occur after the previous owners solicitors inform the agent that the monies to complete are in and the keys can be passed over. Subsequently you will need to inform the removal company that you are ready to move in. As a matter of policy we do not suggest a specific removal company but can assist you in finding a residential property solicitor in Cranbrook or a lawyer with expertise in conveyancing in Cranbrook.
My husband and I are in the process of viewing houses in Cranbrook and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Virgin Money.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are getting a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
I have a mortgage with Co-operative for my property in Cranbrook. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval before letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel firm.
What will a local search inform me about the house my wife and I purchasing in Cranbrook?
Cranbrook conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search plays an important role in most Cranbrook conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Just had an offer accepted on a new build apartment in Cranbrook. 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 is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Cranbrook
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
In relation to leasehold conveyancing in Cranbrook what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Cranbrook. All leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain parts of the property
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
I invested in buying a ground floor flat in Cranbrook, conveyancing having been completed in 2008. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Cranbrook with a long lease are worth £197,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2079
With only 55 years left to run the likely cost is going to range between £31,400 and £36,200 as well as 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 in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.