When it comes to mortgage companies such as Santander, do Fairwater solicitors face an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Fairwater. One unusual aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Bank of Ireland your lawyer must comply with the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Bank of Ireland where a lease does not satisfy these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Fairwater.
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Fairwater building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Fairwater conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the property lawyer is on the lender panel, they must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My relative recommended that where I am purchasing in Fairwater I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Fairwater conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Fairwater around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Fairwater Education with maps and statistics, Local Amenities and other useful information regarding Fairwater.
I am purchasing my first flat in Fairwater with a loan from Lloyds TSB Bank. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not inform my lawyer about this side-deal as it would impact my mortgage with the bank. Should I keep quiet?.
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 flat up to £305k and found one close by in Fairwater I like with a park and station in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Fairwater in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I own a leasehold flat in Fairwater. Conveyancing and Platform Home Loans Ltd mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Fairwater who previously acted has now retired. Any advice?
First contact HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Fairwater conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a basement flat in Fairwater, conveyancing having been completed August 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Fairwater with an extended lease are worth £202,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2081
You have 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
What are the distinct advantages to instructing a local solicitor in Fairwater
Home movers in Fairwater opt for a nearby high street solicitor so that they can visit if they have problems, and to execute paperwork without using the Royal Mail.
There is a distinct edge when using a property lawyer local to the premises you are buying, due to the knowledge of the region and possible local concerns - yet this is moot. Many conveyancers are now by way of email and could be almost anywhere.