I am getting a mortgage offer from Nat West. I intend to enlist the help of a Licensed Conveyancer in Farringdon. Does the Nat West Solicitor panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My grandmother passed away last year and as sole heir and executor I was left the property in Farringdon. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then RBS will require that you use a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
I have a mortgage with Virgin Money for my property in Farringdon. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel lawyer.
The formalities of my purchase has taken place for my property in Farringdon. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
At last I have had an offer on a flat in Farringdon accepted, the vendors do however have a dependent purchase. The sellers have offered on somewhere, but it’s not yet agreed to, and have viewings of other properties booked. I have chosen a local conveyancing solicitor in Farringdon. What should be my next step? When do I get the mortgage application with Clydesdale going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then valuation, Farringdon conveyancing search fees, etc). First, you must check that your lawyer is on the Clydesdale approved list. Regarding the subsequent stages this very much dictated by the circumstances of your case, desire for the property and on the state of the market. In a hot market some home buyers would apply for the mortgage with Clydesdale and pay for the valuation and only if it was satisfactory would they request their property lawyer to move forward with the conveyancing in Farringdon.
Various web forums that I have visited warn that are the number one reason for hinderance in Farringdon house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Farringdon.
I'm purchasing my first flat in Farringdon with the aid of help to buy. The builders would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not reveal to my lawyer about the side-deal as it may affect my mortgage with the lender. Is this normal?.
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.
I am tempted by the attractive purchase price for a couple of apartments in Farringdon which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
I am the leaseholder of a ground floor flat in Farringdon. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Absolutely. We can put you in touch with a Farringdon conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Farringdon premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term as at the valuation date was 66.8 years.