Our Dunholme conveyancer has identified a difference when comparing the surveyor’s assumptions in the valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he needs to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
My bank has suggested solicitors on their panel based in Dunholme but I would rather instruct a conveyancing lawyer in Dunholme round the corner to me. Can you help?
Not all Dunholme conveyancing firms are listed all lender’s conveyancing panel. Use the above search tool to locate a Dunholme conveyancing firm on the on the mortgage company panel.
I happen to be the sole recipient of my late grandmother’s will and I have everything in my name alone, including the house in Dunholme. Conveyancing formalities meant that the Land Registry date was in January. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be considered the same way as though I had purchased the property in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. many banks would take a pragmatic view as this requirement primarily exists to identify subsales or the flipping of properties.
It is not clear whether my lender requires a lease extension. I have telephoned my Dunholme bank branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Dunholme conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your lawyer must follow the Council of Mortgage Lenders’ Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told two weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Dunholme is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I'm purchasing my first flat in Dunholme with a mortgage from The Mortgage Works. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about the deal as it may put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 have been on the look out for a leasehold apartment up to £305k and identified one near me in Dunholme I like with a park and station nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Dunholme for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Planning to complete next month on a leasehold property in Dunholme. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Dunholme should include some of the following:
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Are pets allowed in the flat? Where does the liability rest for maintaining the window frames It needs to be made clear to you if the lease permits you to change or upgrade aspects of the flat- you must know whether it applies to all alterations or limited to structural alteration, and whether licences for alterations is required Information as to the provision as set out in the lease to pay service charges - with regard to both the building, and the wider rights a tenant has The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I inherited a 2 bed flat in Dunholme, conveyancing formalities finalised July 2010. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Dunholme with a long lease are worth £202,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2083
With just 57 years unexpired the likely cost is going to range between £28,500 and £33,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.