My wife and I are hoping to buy a home in Dunnington and are in fact using a Dunnington conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Santander have this morning contacted us to inform me that they have now hit a problem as our Dunnington conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Dunnington solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We are purchasing our first property. The conveyancer has e-mailedto enquire if we wish to purchase extra conveyancing searches. We are really unsure what's needed for conveyancing in Dunnington
The extent of Dunnington conveyancing searches should be triggered based primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall appetite to risk. What matters is that you properly understand what information each search could give you. Then you can make a decision if you personally think you need that search. Where you are in doubt, ask your conveyancer to recommend.
I have todaydiscovered that Stirling Law have closed. They carried out my conveyancing in Dunnington for a purchase of a leasehold flat 18 months ago. How can I check that the property is in my name in the name of the previous owner?
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 Dunnington conveyancing specialists.
I'm buying a new build house in Dunnington with a mortgage from Bank of Scotland. The sellers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not inform my solicitor about the deal as it would put at risk my mortgage with Bank of Scotland. Is this normal?.
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.
My husband and I are 14 days into a leasehold purchase having been referred to solicitors by the estate agent to handle our conveyancing in Dunnington. I am am starting to be dissatisfied with the quality of service. Can you you assist me in finding new conveyancers?
A conveyancer would have to be very bad to suggest replacing them. Has the mortgage offer been sent? In the event that it has you need to inform them of the replacement lawyer and ensure the loan are re-issued. Your new solicitor ideally needs to be on the lenders approved list to avoid escalating charges and frustration. That should be your starting point. The find a solicitor tool will assist you in finding a lender approved solicitor for your home move in Dunnington
I am tempted by the attractive purchase price for a two apartments in Dunnington which have approximately 50 years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Dunnington is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Dunnington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a 1 bedroom flat in Dunnington, conveyancing was carried out in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Dunnington with a long lease are worth £165,000. The ground rent is £50 yearly. The lease expires on 21st October 2102
With just 77 years left to run we estimate the price of your lease extension to be between £7,600 and £8,800 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 provide a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.