I have just started taking steps with the intention of porting my existing standard home loan to a Buy to Let TSB mortgage. The bank has said that I must appoint a lawyer as part of the process. I had a chat the same Dunstable conveyancing practitioner who acted on my behalf when I initially acquired the house. The costs estimate supplied of £450 plus VAT has taken me by surprise as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The costs illustration is fractionally on the expensive side. Where you are happy to expend time comparing charges you might decrease the fees marginally by say £125. That being said, if you were content with the conveyancing the firm provided you couldcome to regret choosing an an untested conveyancer. Remember to ensure that the solicitor can represent TSB. Do utilise our search tool to choose a Dunstable conveyancing firm on the TSB member panel, which can often include conveyancing solicitors in Dunstable.
We are nearing an exchange on a flat in Dunstable and my mum and dad have sent the 10% deposit to my solicitor. I am now informed that as the deposit has not arrived from me my solicitor 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 concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your solicitor is obliged to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold house in Dunstable but still invoiced for rent, why is this and what is this?
It is rare for properties in Dunstable and has limited impact for conveyancing in Dunstable but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I'm buying my first flat in Dunstable with a mortgage from Leeds Building Society. The developers would not move on the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my conveyancer about this deal as it may jeopardize my mortgage with the bank. 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.
Are there any apps to help identify a Dunstable solicitor on the Halifax conveyancing panel? I am a keen cyclist and am happy to travel upto 25miles to meet the lawyer.
You can use the tool on this website. Please pick a mortgage company and your location and you will see a number of Dunstable conveyancing lawyers based on proximity. We have listed some Dunstable conveyancing firms towards the end of this page and you can telephone them to check whether they are on the Halifax panel
I am looking at a two apartments in Dunstable both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
I invested in buying a studio flat in Dunstable, conveyancing having been completed in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Dunstable with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2101
You have 75 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.