I am due to exchange on the purchase of a property in Elm Park but as a consequence of damage from the recent storms I have was able negotiate reparation from the vendor in the sum of £2k in the form of a reduction in the price. This was going to be dealt with as part of amending the contract yet Virgin Money will not permit this. Should they have been notified?
Your conveyancer being on the Virgin Money conveyancing panel is required to advise Virgin Money of any changes to the purchase price. If you were to refuse your solicitor to disclose the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancing practitioner for your conveyancing in Elm Park.
We previously instructed solicitors located in Elm Park on the HSBC solicitor approved list. They have just billed me a supplemental charge for the legal aspects of the HSBC mortgage. Is this a supplemental conveyancing fee specified by HSBC?
Provided it is contained in their Terms and Conditions or Quote then yes your solicitor can charge a fee for this. The charge is not set by HSBC but by your Elm Park conveyancer. Numerous firms on the HSBC panel will quote ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Clydesdale are being problematic. The Elm Park solicitor who is on the Clydesdale conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Clydesdale are insisting on a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My offer on a property in Elm Park has been accepted, the owners do however have a dependent purchase. The sellers have put an offer on a property, but it’s not yet tied up, and have viewings of other properties in the pipeline. I have selected a local conveyancing solicitor in Elm Park. What should be my next step? When should I get the mortgage application with Kent Reliance started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, Elm Park conveyancing search charges, etc). The first thing to do is ensure that your solicitor is on the Kent Reliance conveyancing panel. Concerning the next stages this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. In a hot market many home buyers would apply for the mortgage with Kent Reliance and arrange for the valuation and only if it comes back ok would they ask their conveyancer to press on with the conveyancing in Elm Park.
I'm purchasing my first flat in Elm Park with a mortgage from Alliance & Leicester . The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not reveal to my conveyancer about this extras as it will 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 Elm Park I like with amenity areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Elm Park suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
How do I use your search tool to select a conveyancing practitioner in Elm Park on the authorised to act for my lender?
1st pick a bank such as Accord Mortgages Ltd, Virgin Money or TSB then type in your preferred area e.g. Elm Park. Conveyancing firms in Elm Park and across England and Wales should be identified.
I only have 62 years remaining on my lease in Elm Park. I now want to get lease extension but my landlord is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have used your best endeavours to track down the freeholder. In some cases a specialist may be helpful to carry out a search and to produce a report which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Elm Park.
I have given up negotiating a lease extension in Elm Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Elm Park conveyancing firm who can help.
An example of a Lease Extension case for a Elm Park residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The unexpired term was 57.5 years.