My wife and I are planning to acquire a home in Easingwold and are in fact using a Easingwold conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans Ltd have this afternoon contacted us to inform me that there is now an issue as our Easingwold lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is usual 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 mortgage company 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Easingwold solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am the registered owner of a freehold premises in Easingwold but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Easingwold and has limited impact for conveyancing in Easingwold 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I'm purchasing my first flat in Easingwold benefiting from help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my lawyer about this side-deal as it would jeopardize my mortgage with Barclays . 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Easingwold I like with open areas and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Easingwold for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am looking to sell my home. My former lawyers have shut. I would be grateful for any recommendation of a conveyancing firm. Im based in Easingwold if that makes things easier.
Please use our search tool to help you choose a solicitor for your conveyancing in Easingwold. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I have just appointed agents to market my basement flat in Easingwold. Conveyancing lawyers have not yet been instructed, but I have recently had a half-yearly service charge demand – what should I do?
The sensible thing to do is clear the service charge as normal as all ground rent and service charges will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Easingwold Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
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What is the annual service fee and ground rent? You should want to find out as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the common parts. You should not be afraid to ask prospective neighbours what they think of their management. Finally, be sure you know the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.