My IFA has requested my Eastney and Southsea law firm’s panel member for the Lloyds conveyancing panel. What is the best way to find this out. I have e-mailed my local Eastney and Southsea office but they have not responded to me.
The sensible thing to do is ask for this information from your Eastney and Southsea conveyancing practitioner . They keep a central record lender panel numbers.
What does my ID and proof of funds have anything to do with my conveyancing in Eastney and Southsea? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms of Engagement that you are required to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to provide ID verification documents, your solicitor would not be able to act for you.
I'm purchasing a new build house in Eastney and Southsea with the aid of help to buy. The sellers refused to move on the amount so I negotiated £7000 of additionals instead. The estate agent advised me not to tell my conveyancer about the deal as it will adversely affect my loan with the lender. 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.
Due to the input of my in-laws I had a survey completed on a property in Eastney and Southsea before retaining solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks may refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Eastney and Southsea. Conveyancing will be smoother if you use a solicitor in Eastney and Southsea especially if they are accustomed to such properties in Eastney and Southsea.
I am 3 weeks into a freehold purchase having been directed to a firm by the estate agent to execute conveyancing in Eastney and Southsea. I am not happy. Could you you assist me in finding new conveyancers?
A lawyer would have to be really bad in order to consider diss instructing them. Has your mortgage been issued? In the event that it has you need to advise them of the new conveyancer and get the loan are re-issued. The conveyancer needs to be on the lenders panel to avoid supplemental costs and complications. So that should be your first question of the new lawyers. The search tool can help you find a bank approved lawyer for your home move in Eastney and Southsea
I am attracted to a couple of maisonettes in Eastney and Southsea which have in the region of 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Eastney and Southsea. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorates and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
I invested in buying a 2 bed flat in Eastney and Southsea, conveyancing was carried out April 2007. Can you work out an approximate cost of a lease extension? Comparable properties in Eastney and Southsea with a long lease are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2079
With just 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues 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 before seeking the advice of a professional.