I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Droitwich Spa. The Droitwich Spa property was put into my name in December. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the house in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How sensible a view lenders take of it, depend on the bank as this provision principally exists to capture the purchase and immediately sell or the quick reselling of properties.
Is it correct that all Droitwich Spa CQS (Conveyancing Quality Scheme) solicitors are on the UBS conveyancing list of approved firms?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
After shopping around on the internet I have found a Droitwich Spa conveyancer having checked that they are on the Nottingham conveyancing panel. Does my lawyer arrange the survey of the property?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Droitwich Spa postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Droitwich Spa.
A colleague suggested that where I am purchasing in Droitwich Spa I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Droitwich Spa conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Droitwich Spa around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Droitwich Spa Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Droitwich Spa.
I have todaydiscovered that Wolstenholmes have closed. They conducted my conveyancing in Droitwich Spa for a purchase of a leasehold apartment 12 months ago. How can I check that my home is in my name in the name of the former proprietor?
The easiest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Droitwich Spa conveyancing specialists.
I am buying my first flat in Droitwich Spa with a loan from Chelsea Building Society. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my lawyer about the extras as it would jeopardize my loan with Chelsea Building Society. 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.
What are your top tips when it comes to appointing a Droitwich Spa conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Droitwich Spa conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Droitwich Spa conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in Droitwich Spa who can give a testimonial? How familiar is the practice with lease extension legislation?
I acquired a studio flat in Droitwich Spa, conveyancing was carried out in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Droitwich Spa with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2096
You have 71 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do 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 you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Living abroad I am unable to attend my Droitwich Spa conveyancing practitioners office to sign documents connected to my conveyancing in Droitwich Spa – is this a problem?
Not a problem. Droitwich Spa conveyancing solicitors can deal with home moves for clients who are based anywhere. You are unlikely to be required to visit a Droitwich Spa conveyancers office. They can deal with everything remotely from their Droitwich Spa premises.